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JOHANNESBURG - Standard Bank has signed a three-year loan with the International Financial Corporation (IFC) for about 3 billion rand.

On Tuesday morning, the bank said the funds would be used for immediate relief for its customers and ongoing support for eligible enterprises.

“The loan proceeds will be used for immediate relief and ongoing support for eligible Small and Medium Enterprises (“SMEs”) and corporates in South Africa that have been affected by Covid-19 by assisting them with the purchase and production of goods and services needed to cope with the crisis and towards stimulating long-term investments in affected industries.”

The bank said by the end of May, it had provided R92 billion of relief to individuals, SMEs and commercial clients in South Africa across 285,000 accounts.

“In addition, R11 billion was provided to commercial clients in Africa Regions across 14 000 accounts. Restructures for corporate clients had been concluded for eligible clients with risk exposures amounting to approximately R30 billion.”

This article first appeared on EWN : COVID-19: Standard Bank gets R3bn loan to help customers

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