According to IFC website, the proposed investment consists of a one-year, renewable unsecured senior loan of up to US$50 million to First City Monument Bank Limited under the FIG COVID-19 Emergency Response Working Capital Solutions Envelope (WCS Envelope). The WCS Envelope is designed to provide funding to existing IFC client banks in emerging markets that will then extend new trade-related or working capital loans to companies whose cash flows have been disrupted by the global outbreak of the coronavirus pandemic. The WCS facility will support the Bank in increasing its lending to FMCG companies importing raw materials, petroleum products, goods and commodities traders, corporates and Small and Medium Enterprises.
This project or financing is part of IFC's COVID-19 response, as stated on the IFC website. You can find additional information at: https://www.ifc.org/wps/
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