The International Finance Corporation (IFC) announced two new deals with Acleda Bank on Monday, investing $70 million in a project to boost lending to businesses owned by women and lending $13 million for a new business institute.
The funding for small- and medium-sized enterprises run by women is part of a total loan package worth $160 million, according to a press release.
“Long-term capital is critical for us to reach even more women-owned small and medium enterprises, particularly in rural areas, where many do not have access to credit,” Acleda president In Channy was quoted as saying.
In a separate press release, the IFC said it would provide funding for a new Acleda Institute of Business, which would offer associate’s, bachelor’s and master’s degrees in fields including finance and banking.
“The loan will support the construction of a new campus including school buildings, administration building, library, canteen, dormitories and sports complex by 2018,” it said.
The Education Ministry has noted an oversupply of business graduates in the workforce, but has also pushed universities to invest more in teachers and facilities.
