MicroCred CI SL (IFC-37772)

Regions
  • Africa
Where the impacts of the investment may be experienced.
Countries
  • Ivory Coast
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
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 25, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
MICROCRED COTE D'IVOIRE
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 5.10 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. 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, converted to USD$. Please see updated project documentation 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

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
  • International Finance Corporation (IFC)
Private Actors

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

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/