<\/p>\n
The agreement strengthens the World Bank Group\u2019s local currency financing toolkit and supports efforts to deepen domestic capital markets in emerging economies. The facility has already helped anchor IFC\u2019s investment in the Cape Water outcome\u2011based bond, issued by FirstRand Bank, which marked the first outcome bond issued by a commercial bank globally.<\/p>\n
<\/p>\n
World Bank Group Treasurer and Vice President Jorge Familiar said local currency financing remains a top priority for sustainable development. \u201cThis facility is another example of what partnerships with the private sector can deliver, from outcome bonds to local currency solutions, in support of long\u2011term finance for job creation,\u201d he said.<\/p>\n
<\/p>\n
The new Rand facility builds on a similar arrangement signed by IFC and Citi in Kenyan Shillings in 2024. Both institutions said they plan to replicate the model in other emerging markets to help reduce exposure to foreign exchange risk and support domestic investment.<\/p>\n
<\/p>\n
Citi\u2019s Global Head of Public Sector Group, Stephanie von Friedeburg, said the partnership reflects a scalable approach to development finance. \u201cThis first SA Rand facility builds on our Kenyan transaction and demonstrates a model that can be replicated across emerging markets. It supports local currency financing where it is needed most,\u201d she said.<\/p>\n
<\/p>\n
Currency volatility remains a major constraint on private sector investment in developing economies. By supporting local currency instruments and capital markets development, the World Bank Group aims to help businesses borrow in domestic currencies and better manage financial risk.<\/p>\n
<\/p>\n
–WorldBank\/ChannelAfrica–<\/p>\n","protected":false},"featured_media":31922,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-31921","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"The World Bank Group, through its private\u2011sector arm the International Finance Corporation (IFC), has signed a new $98 million borrowing facility with Citi, aimed at expanding IFC\u2019s ability to finance private sector projects in South Africa (SA) in Rand.","published_date":"","news_description":"The World Bank Group, through its private\u2011sector arm the International Finance Corporation (IFC), has signed a new $98 million borrowing facility with Citi, aimed at expanding IFC\u2019s ability to finance private sector projects in South Africa (SA) in Rand.","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/31921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/31921\/revisions"}],"predecessor-version":[{"id":31923,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/31921\/revisions\/31923"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/31922"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=31921"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=31921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}