Coronavirus: IFC fires out $8 billion fast-track financing – for starters
The IFC’s Africa and Middle East head, Sérgio Pimenta, tells Euromoney that a fast response and private-sector support are essential in the battle against Covid-19.
On the frontline of the fight against Covid-19, the International Finance Corporation (IFC) is working against the clock to ensure jobs and businesses are kept afloat as developing countries face one of the worst healthcare and economic crises in history.
Sérgio Pimenta, IFC’s vice president for the Middle East and Africa, tells Euromoney via video link from Washington that the IFC’s first priority is to ensure the rapid disbursement of its $8 billion fast-track financing package to 300 of its existing clients that most need support.
“The goal of the $8 billion financing is really to help companies going through this difficult time and to preserve jobs,” he says.
The IFC’s response has four components, with $2 billion allocated to four separate response facilities, which range from direct funding via loans and equity investments to vulnerable companies, to trade finance support and working capital for emerging market banks.
The immediate focus is to help existing clients, says Pimenta, because they are in a better position to absorb the financing.