IFC, JBIC make joint PNG bank investment
The International Finance Corporation (IFC), the World Bank Group's private finance arm, and IFC Capitalization Fund, a $3 billion fund set up by IFC and the Japan Bank for International Cooperation, have jointly invested around $110 million in Bank South Pacific (BSP), the largest local bank in Papua New Guinea, acquiring a 5% stake from the existing investor, state-backed Independent Public Business Corporation of Papua New Guinea, and another 5% of newly issued stock.
Alongside the equity investment, IFC is providing a long-term $30 million senior loan, enabling BSP to increase its lending to eligible borrowers in the region. The new capital injection will help the...
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