South Africa: IFC and Citi expand local currency lending for businesses

The International Finance Corporation (IFC), a member of the World Bank Group, and Citi have signed a borrowing facility to expand local currency lending in South Africa, according to official statements from IFC and Citi. The initiative aims to reduce foreign exchange risk and improve access to credit for local businesses, particularly SMEs, as part of broader World Bank efforts to support private sector development and job creation.