MicroCred CI SL (IFC-37772)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Ivory Coast
Geographic location where the impacts of the investment may be experienced.
Specific Location
Abidjan and Bouake
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 25, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
MICROCRED COTE D'IVOIRE
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 5.10 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 6.80 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 4000000000
Converted using 2016-06-14 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 31, 2018

Disclosed by Bank Feb 12, 2016

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The project aims at supporting the growth of MicroCred Cote d'Ivoire, a successful early-stage microfinance institution incorporated in Cote d'Ivoire in October 2010. The company, sponsored by MicroCred Holding, a leading network of seven microfinance institutions in China and Africa, expects to expand its reach both in Abidjan and Bouake. The expected impacts of the project are; a) Access to finance for micro, small and medium enterprises; b) help create a standard-bearer for the poorly performing microfinance sector in Cote d'Ivoire - expected to demonstrate that commercial MFIs subject to unfavorable regulation in a post-conflict environment can be sustainable c) reshape local banks' perception of the viability of MFIs, potentially convincing hesitant lenders of the sustainability of institutions like MCCI.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

MicroCred Cote d’Ivoire is a successful early-stage microfinance institution incorporated in Cote d’Ivoire in October 2010. Sponsored by MicroCred Holding, a leading network of seven microfinance institutions in China and Africa, the Company started its operations mid-2011, after the post-elections crisis of April 2011. MicroCred Cote d’Ivoire expects to expand its reach both in Abidjan and Bouake where its network already has a strong footprint, to new provinces, and to satisfy the currently unmet demand for longer term loans from small businesses. Registered as a Système Financier Décentralisé, the legal status associated with institutions providing financial services to underserved markets in the West African Economic and Monetary Union, MicroCred Cote d’Ivoire offers both credit and savings products to its clients.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

MicroCred Cote d’Ivoire
Rue Desjardins
Abidjan 06
BP 1664 Abidjan
Cote d’Ivoire
Telephone : +225 22 41 13 45
Fax: +225 22 41 13 46

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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