IFC and Access Bank Sign $500M Deal to Boost Local Currency Lending Across Africa
The World Bank Group’s private sector arm, the International Finance Corporation [IFC], and Access Bank Plc have signed a framework agreement worth up to $500 million to expand local currency financing for small businesses, agribusiness, housing, and infrastructure projects across Africa. The deal tackles currency mismatch risk—one of the biggest barriers for African SMEs that […]
Black News 
The World Bank Group’s private sector arm, the International Finance Corporation [IFC], and Access Bank Plc have signed a framework agreement worth up to $500 million to expand local currency financing for small businesses, agribusiness, housing, and infrastructure projects across Africa.
The deal tackles currency mismatch risk—one of the biggest barriers for African SMEs that earn in local currency but borrow in USD/GBP.
What IFC is saying:
“African businesses grow stronger when financing is aligned with the currencies in which they operate and earn”
The partnership will help deepen local currency markets and support sustainable private sector growth across the continent— Makhtar Diop, IFC Managing Director
— Makhtar Diop, IFC Managing Director
Why it matters:
SMEs get breathing room – Predictable local currency loans reduce FX risk.
Agribusiness and housing gain traction – Stable financing unlocks projects in food security and affordable housing.
Infrastructure gets a push – More long-term capital available in local markets.
Part of a bigger trend – IFC has committed over $33B in local currency financing across 71 currencies in the last decade.
For Access Bank, the agreement strengthens its role as a leading lender to African SMEs. For IFC, it’s another step to deepen African capital markets.
For African SMEs and agribusiness owners, how would access to local currency financing change the way you plan and scale your business over the next 2-3 years?
