We’re delighted to share that our member FinDev Canada has announced a USD 20 million loan support to FirstRand, one of South Africa’s leading financial institutions.
The loan will add further financial capacity and assist in providing innovative lending solutions to FirstRand’s approximately 700,000 SME clients. Paulo Martelli, Director of Investments at FinDev Canada said that they are going to have a significant and positive impact over the region because FirstRand is one of the largest financial institutions in South Africa.
Mary Vilakazi, FirstRand’s COO said that partnering with FinDev in the area of SME lending will play a vital role in South Africa’s economic recovery and future growth. The partnership reinforces FinDev Canada’s commitment to remain open for business and service regions during the pandemic. FinDev Canada’s investment aims to ensure that liquidity continues to reach developing markets and help them recover from the economic and social consequences of the global crisis.
Additionally, FirstRand’s growing efforts to provide critical services to women-owned SMEs are key to FinDev Canada’s mission. FirstRand has committed to channel 30% of FinDev Canada’s loan towards women-owned/led SMEs, and currently supports over 30,000 women entrepreneurs. FirstRand also qualifies for the 2X Challenge, an initiative launched by the G7 Development Financial Institutions (DFIs) to mobilize capital for business initiatives that benefit women.
Development Finance Institute Canada Inc., operating under the FinDev Canada brand, is a Canadian institution dedicated to providing financial services to the private sector in developing countries with the aim of combating poverty through economic growth by focusing on three main themes: economic development through job creation, women economic empowerment, and climate change mitigation. The Development Finance Institute Canada Inc. is a wholly owned subsidiary of Export Development Canada (EDC).
