IFC approves P500m loan to Peo Finance

Bridging the gap: The IFC loan is aimed at broadening access to finance in the economy
Bridging the gap: The IFC loan is aimed at broadening access to finance in the economy

The International Finance Corporation (IFC), a World Bank institution, has approved a $40 million (P501 million) loan designed to boost credit access for low-income borrowers, as well as farmers and others, BusinessWeek can reveal.

The IFC will channel the support via a loan to Peo Finance, a micro-finance company which is a wholly-owned subsidiary of Capricorn Investment Holdings Botswana. Capricorn Investment is in turn, majority owned by Namibia’s Capricorn Group, which also owns Bank Gaborone.

This week, Carlos Katsuya, IFC's senior country manager for Botswana, said the deal with Peo would help the micro-finance firm facilitate access to finance through digital channels to unserved and underserved individuals in Botswana while scaling up lending for agricultural or home improvement activities.

Editor's Comment
Happy Independence!

We are 56 years old and what do we have to show for it? Looking at where Botswana started and where it is today, there are a lot of developments, but whether the developments match the number of years we have enjoyed as a country is a topic for another day.The fact that cannot be denied is we have seen major developments, but we are still lacking in several pertinent areas.Our beautiful country imports almost everything. We import fuel, food,...

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