This US$50m loan is part of US$100m financing syndicated by the German development finance institution DEG.
This operation will enable FirstRand Bank to develop its SME loan portfolio and thus better meet the needs of the South African private sector.
A major player in the South African banking sector, FirstRand Bank is a long-standing partner of Proparco. This is the seventh transaction between Proparco and FirstRand Bank in less than 20 years. The last three operations, signed in 2010, 2012 and 2016, were also dedicated to SME financing in the country.