Original disclosure @ IFC website
Updated in EWS May 11, 2022
Disclosed by Bank Jun 9, 2021
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The proposed investment consists of a three-year senior loan to LAPO Microfinance Bank (“LAPO MFB”), a long-standing IFC client, under the IFC Fast Track COVID-19 Facility's Base of the Pyramid Program (BOP Program). The BOP Program aims to help LAPO MFB provide much-needed local currency funding to micro, small, and medium enterprises (MSMEs) in Nigeria that have been negatively impacted by the COVID-19 pandemic. The IDA PSW Blended Finance Facility is supporting the project.
The project will help provide financing to microenterprises in Nigeria. The most significant expected project-level outcome for the project is access to finance for microenterprises to support economic activity and resilience in the aftermath of the COVID-19 crisis. Beyond the project outcome, IFC anticipates that the Project will support resilience amongst microfinance and BOP finance providers catalyzing investments in the sector by demonstrating the viability of lending to BOP providers and crowding in other sources of international and domestic finance in support of these lenders.
LAPO Microfinance Bank Limited
Head, Treasury and Creditors Relationship Management
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