The project consists of a 6-year ZAR600 million ($47.67 million) senior loan to Business Partners Limited (“BPL”). The IFC loan forms part of the SME Push Program and will strengthen BPL’s long-term funding position and support the expansion of its lending operations to underserved SMEs in South Africa.
The proposed investment consists of a 6-year senior loan of up to ZAR600 million (~US$48 million equivalent). The funding will be used exclusively for expanding BPL’s lending operations to SMEs, with a particular focus on women-owned SMEs.
Business Partners Limited has a diversified shareholding composed of a mix of entities including government, local commercial banks, insurance companies, other corporate bodies and individuals. The principal shareholder is Eikenlust (pty) Limited, a subsidiary of Remgro Ltd, with a 42.8% stake.
ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/