The International Finance Corp (IFC), the World Bank’s private sector investment arm, plans to invest up to US$25 million in Accial Credit Impact Fund, a structured debt fund that will finance financial technology companies.
The IFC’s investment is 10% of the fund’s maximum size of $250 million.
Managed by US asset manager Accial Capital Management, the fund will provide debt financing to fintech companies that lend directly to micro, small, and medium enterprises, and individuals in emerging markets, the IFC says in a statement on April 14.
Its investment markets includeMexico, Columbia, El Salvador, Indonesia, the Philippines, Singapore and Vietnam. The IFC expects its board to approve the investment on May 11.
