The funding from IFC will be channeled by KBFMF to support micro, small and medium enterprises (MSMEs) in Indonesia. This support from IFC is a continuation of the partnership that has been established with KBC to support MSMEs.
Previously, in December 2020, IFC also provided funding support to KBFMF to be channeled to MSMEs during the COVID-19 pandemic. In addition, IFC also provided funding support of $50 million in Thai baht to KB J Capital Co. Ltd (KBJ), a Thai non-bank finance company of which KBC is also the majority owner.
"IFC's investment will enable KBFMF to support underserved segments in Indonesia," said Moon Cheol KANG, Managing Director of KBC.
"As a multifinance company, KBFMF is well positioned to develop supply chain financing programs, especially for small businesses, where the financing gap is greatest."
MSMEs play a major role in the Indonesian economy, employing 97 percent of the total workforce and contributing 61 percent of GDP, but are constrained by limited access to finance. Meanwhile, the supply chain finance market has significant potential to support MSMEs in Indonesia by providing instruments to reach them across the supply chain and providing greater flexibility in working capital management.
"Financial and digital inclusion support resilient and inclusive growth. IFC is working with KBFMF to enable more small businesses and consumers to access finance," said Kim-See Lim, IFC Regional Director for East Asia and the Pacific.
In addition to financing, IFC will support KBFMF in strengthening its responsible finance framework, including aligning its operations with international best practices and national consumer protection regulations.
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