Tanzania, June 3 -- Dar es Salaam. Access Bank Plc, the parent company of Access Bank Tanzania, has signed a $500 million agreement with the International Finance Corporation (IFC) aimed at deepening local currency capital markets and expanding access to finance for businesses across Africa.

The partnership is expected to support markets where the bank operates, including Tanzania, by addressing one of the key challenges facing businesses: access to financing in local currency, the bank said in a statement in Dar es Salaam on Wednesday.

Many businesses in Tanzania rely on foreign currency loans, exposing them to exchange rate fluctuations that can affect profitability, disrupt planning and discourage investment.

The agreement seeks to ...