WB grants $40 mln to help Central African countries

The International Finance Corporation (IFC), a member of the World Bank group, has accorded a five-year loan of 40 million U.S. dollars to Central African countries to help with the regional small and medium-sized companies.

"Through this loan, IFC will contribute to the development of local capital markets and support long-term funding in local currencies for the local companies," IFC Vice President Nina Shapiro declared on Monday in Brazzaville, the capital of the Republic of Congo.

This loan, which is going to be listed on the regional stock exchange, will be exempted from taxation within the six member countries of the regional bloc, including Cameroon, Central African Republic, the Republic of Congo, Gabon, Chad and Equatorial Guinea.

The loan, which was unveiled in mid-November, will be officially launched in December.

Source: Xinhua