Micro, Small, and Medium Businesses and Farmers Benefit from More Than Half a Billion Dollars in COVID-19 Support in Asia-Pacific Region
Hong Kong SAR, China, August 24, 2020—Thousands of micro, small, and medium enterprises, and millions of farmers across Asia and the Pacific stand to benefit from the first phase of COVID-19 crisis response funding from IFC, a member of the World Bank Group.
As the pandemic continues to send shockwaves through the global economy, IFC supported 13 companies in the region — over 190,000 employees in the manufacturing, agriculture, services and energy sectors — with $554 million in COVID-19 related funding in the fiscal year ending June 30, 2020. Also, IFC deployed $492 million in COVID-19 related trade finance lines in the region. This has helped financial institutions provide liquidity to businesses dependent on trade, especially small and medium enterprises (SMEs).
About 17,500 MSMEs and corporates in the region are also expected to be among the beneficiaries of IFC’s $2 billion Working Capital Solutions (WCS) program in FY 2020. The aim of the program is to help emerging-market banks extend credit so that businesses can continue to operate, stemming job losses. IFC’s first COVID-19 WCS program in Asia-Pacific was signed in Sri Lanka with the Commercial Bank of Ceylon to help over 1,200 SMEs — nearly 790 of them women led — deal with the crisis.