According to the IFC, the proposed project is a senior loan of up to US$3 million (in local currency equivalent) to ACTB Savings and Loans Limited. The loan will have a tenor of up to 3-years with a grace period of 1-year and will enable ACTB to provide much needed local currency funding to micro, small and medium enterprises that have been negatively affected by the COVID-19 pandemic in Sierra. The project will be processed under IFC’s COVID Base of Pyramid Facility and will be supported by IDA Private Sector Window Blended Finance Facility and IDA-PSW Local Currency Facility.
The project will be in the Sierra Leone where ACTB operates through a network of 14 branches in 8 out of 14 districts throughout the country.
The IFC categorized the project as FI-3.
As stated by the IFC, ACTB is an MFI established in 2008 by the British christian charity ACTB UK and Truestone, a British fund manager that operates in SSA. Both institutions were founded by Paul Szkiler, an impact-focused investment manager. The MFI’s shareholders currently include private impact investors, either owning shares directly or have invested via Truestone managed investment vehicles. The majority of the MFI’s investors are UK nationals.
General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384
Financial Intermediary - ACTB Savings and Loans Limited:
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