# The facility is designed to strengthen the IFC’s ability to provide rand funding to private-sector ​borrowers.

*fintech · news · 2026-04-14 · Reuters*

## Key points

- IFC launched a new facility to provide rand funding to private-sector borrowers in South Africa.
- The facility has already supported IFC’s investment in the Cape Water outcome-based bond by FirstRand Bank.
- This rand facility follows a similar pilot facility in Kenyan shillings launched with Citi in 2024.
- Last fiscal year, 30% of World Bank's own-account lending was conducted in local currency.

**Companies:** FirstRand Bank
**Countries:** South Africa, Kenya

[Read the full story on Reuters](https://www.reuters.com/world/africa/ifc-citigroup-sign-98-million-local-currency-borrowing-facility-south-africa-2026-04-14/)

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