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(Ecofin Agency) – In November 2022, the IFC signed a technical assistance agreement with Interbank Burundi. Once again, it is working with the bank to strengthen its private-sector financing activities.
On Wednesday, May 31, the International Finance Corporation (IFC) approved a $5 million credit facility for Interbank Burundi, a commercial bank operating in Burundi.
The facility, granted as part of IFC’s global trade finance program, will help strengthen the Burundian bank’s private trade finance operations. Thanks to the resources thus secured, Interbank Burundi plans to increase its support for Burundian import-export companies, which help generate foreign currency in the country.
The bank intends to enter into working partnerships and create new business opportunities with numerous international banks, following its membership in the IFC’s global trade finance program.
This is not the first time IFC is collaborating with Interbank Burundi. In November 2022, the institution signed a technical partnership agreement to strengthen the bank’s capacity to serve small and medium-sized enterprises (SMEs), which face significant credit access challenges despite accounting for around 90% of businesses and over 50% of jobs in the country.
As part of this credit facility, Interbank Burundi will also benefit from advisory services that will enable it to increase financial access for SMEs.
Chamberline Moko
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