World Bank, Citi roll out $98million rand facility to boost local currency financing in South Africa.

Jorge Familiar, Vice President and Treasurer at the World Bank Group, said local currency financing has become increasingly important amid global economic uncertainty.

“Local currency financing and capital markets development in emerging and developing markets are critical priorities for the World Bank Group.” Familiar said. “This facility is another example of what our partnerships with the private sector can deliver, from outcome bonds to local currency solutions, in support of long-term finance for job creation.”

He added that borrowing in foreign currency can create significant risks for companies whose revenues are denominated locally, making domestic currency funding a key tool for financial stability.

The transaction builds on a similar facility launched in Kenya in 2024, which both institutions describe as a successful pilot.

The South African deal is now being positioned as a scalable model that could be extended to other emerging markets.