The World Bank Group announced that its private-sector arm, the International Finance Corporation (IFC), and Citi have signed a ZAR 1.6 billion borrowing facility intended to expand IFC’s ability to provide local currency financing in South Africa. The facility adds to the World Bank Group’s local currency financing instruments and has supported IFC’s anchor investment in the Cape Water outcome-based bond issued by FirstRand Bank, described as the first outcome bond issued by a commercial bank globally. The arrangement builds on a similar Kenyan shilling (KES) facility signed by IFC and Citi in 2024, and the institutions plan to replicate the facility across additional countries. Over the last decade, IFC has committed more than USD 33 billion in local currency financing across 71 local currencies.
World Bank 2026-04-14
World Bank Group signs ZAR 1.6 billion borrowing facility with Citi to expand IFC local currency financing in South Africa
The World Bank Group’s International Finance Corporation and Citi have signed a ZAR 1.6 billion borrowing facility to expand IFC’s local currency financing in South Africa, including supporting IFC’s anchor investment in FirstRand Bank’s Cape Water outcome-based bond. The facility builds on a similar Kenyan shilling arrangement agreed in 2024 and is intended to be replicated in additional countries, complementing IFC’s USD 33 billion in local currency commitments over the past decade.