A new partnership between the African Development Bank and Standard Bank will provide billions in additional financing for SMEs while supporting women entrepreneurs through technical assistance and digital financial tools.
South Africa's small and medium sized enterprises are set to benefit from a R5.4 billion financing package after the African Development Bank and Standard Bank Group concluded a landmark transaction aimed at expanding access to business funding and supporting inclusive economic growth.
The African Development Bank has invested $332 million, equivalent to approximately R5.4 billion, in a capital markets security issued by Standard Bank Group.
The funding will be directed towards financing SMEs across South Africa, including women led businesses that continue to face significant barriers to accessing finance.
The transaction also marks Africa's first development finance institution supported social Flac instrument to be listed on the Johannesburg Stock Exchange.
