IFC committed to expand support for initiatives in South Africa that help address persistent challenges in job creation, especially for young people and women. In a speech to government officials and business leaders in Johannesburg, IFC CEO Philippe Le Houérou said IFC is ready to deliver expertise and new ideas that support policies aimed at addressing record high levels of poverty and inequality in the country.

IFC recently launched the SME Push program to spur economic growth with small and medium-sized businesses. Through the program IFC has begun channeling more than R30 billion over seven years into South Africa’s SMEs. The program is implemented through partner financial institutions that offer financial access to promising small and medium-sized businesses previously considered too risky.