Speaking at the World Bank in Washington DC, Secretary of State for International Development Andrew Mitchell will set out how Britain and the International Finance Corporation (IFC) will help banks provide much-needed capital to promising businesses.
A new global small and medium-sized enterprise (SME) finance facility will be created to help nearly a quarter of a million businesses access capital over the next seven years, with at least a quarter of these loans for organisations headed by women.
Working with commercial banks, the fund will focus assistance on some of the poorest and most fragile countries in Africa and South Asia, such as South Sudan, Malawi, Liberia, Uganda, Mozambique, Sierra Leone, Bangladesh and Nepal.
Secretary of State for International Development, Andrew Mitchell, said:
‘Entrepreneurs don’t want handouts. They want opportunities to help them pull themselves out of poverty. They need investment to build their businesses and create st