The World Bank Group, through its private-sector arm the International Finance Corporation IFC, and Citi have signed a new 1.6 billion South African rand borrowing facility that will expand IFC's ability to provide local currency financing in South Africa.
This facility adds to the World Bank Groups suite of local currency financing instruments, strengthening its capacity to support private sector development. The facility has supported IFCs anchor investment into the Cape Water outcome-based bond issued by South Africas FirstRand Bank - the first outcome bond issued by a commercial bank globally.
Local currency financing and capital markets development in emerging and developing markets are critical priorities for the World Bank Group. This facility is another example of what our partnerships with the private sector can deliver - from outcome bonds to local currency solutions - in support of long-term finance for job creation.
