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Standard Bank Partners IFC to Boost Local Currency Lending in Africa

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Standard Bank Group has entered into an agreement with the International Finance Corporation (IFC) to expand local currency lending and accelerate development projects across Africa.

The partnership will see the two institutions collaborate on cross-currency swaps and derivatives, leveraging each other’s market expertise to improve access to local currency financing for businesses. This is particularly aimed at countries facing challenges with currency liquidity.

Kayode Solola, Head of Global Markets Africa Regions at Standard Bank, noted that Africa is increasingly attracting global investors due to positive market reforms and promising returns. “There is growing interest in sub-Saharan Africa, with investors recognising the continent’s potential,” he said.

The agreement reinforces Standard Bank’s commitment to deepening local engagement and enabling African stakeholders to participate more fully in their economies, Solola added.

Martin Habel, Head of Treasury Client Solutions EMEA at IFC, highlighted the importance of enhancing access to local currency financing for business growth, job creation, and the development of local capital markets. “This agreement supports IFC’s strategy to expand funding and hedging solutions in Africa, reducing the reliance on foreign currency debt,” he said.

As Africa’s largest bank with operations in over 20 countries, Standard Bank is well-positioned to facilitate access to local currency markets across the continent. The bank is also a leader in Forex trading, enabling it to manage currency risks effectively.

IFC, which has been at the forefront of local currency financing, has helped provide billions in local currency solutions. In fiscal year 2024, it achieved a record $5.8 billion in local currency financing through 118 commitments across 34 currencies.

This new agreement builds on the long-standing relationship between Standard Bank and IFC, which has seen successful collaborations, including the bank’s first green bond issuance and sustainable finance projects in South Africa.

Source:TheDotNews

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