FirstRand Bank is one of the five largest banks in South Africa and it offers products and services that support thousands of SMEs, women clients and green infrastructure. FirstRand Bank plays a key role in supporting investments that address financing gaps and mitigate climate change. FinDev Canada’s loan will facilitate FirstRand Bank’s effort to reach local companies who lack access to finance. Women-owned and women-led businesses will receive thirty percent (30%) of the proceeds.
The key development impact of the FirstRand Bank loan is to provide financial services to South African companies, including women-owned and led SMEs, and fund climate change mitigation and adaptation investments. The impact theory of change below summarizes how FirstRand Bank will contribute to FinDev Canada's long-term development impact goals and the Sustainable Development Goals (SDGs), particularly SDG 5 "Gender Equality" and SDG 8 " Decent Work and Economic Growth".