JAKARTA (Yosefardi) – IFC, a member of the World Bank Group, has made an equity investment of over Rp290 billion (more than $22 million) in PT Bank Mayora, a member of leading Indonesian food manufacturing company Mayora Group, to provide greater access to finance to micro, small and medium enterprises in Indonesia.
There are about 55 million micro, small, and medium businesses in Indonesia, providing 97 percent of all jobs and contributing close to 60 percent to the country’s gross domestic product. Yet, many of them struggle to obtain loans to expand their businesses.
IFC’s investment will help Bank Mayora increase lending to address this financing gap and strengthen its market presence in the food and consumer goods industry.
The bank’s growth strategy is to increase its reach among Mayora Group’s extensive value-chain network of food suppliers and sub-distributors, who provide access to 11,500 modern sales channels for mini markets and supermarkets, more than 250,000 wholesalers and retailers, and around two million traditional small shops and kiosks.