Original disclosure @ IFC website
Updated in EWS Mar 8, 2020
Disclosed by Bank Feb 24, 2020
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The proposed project is an investment of up to US$10 million equivalent in XOF in the form of a 5-year senior loan to Union des Mutuelles Alliance de Crédit et d'Epargne pour la Production (UM-ACEP) Senegal, aiming at supporting a successful microfinance institution in Senegal expand its lending operations in the rural finance and MSME space. The project is part of the Phase I of IFC’s Rural Finance Facility (RFF), a platform program being developed by IFC aiming to support financing of micro, small and medium enterprises (MSMEs) in rural areas, including agri-MSMEs, smallholder farmers (SHFs) and rural value chain operators in FCS and low-income IDA countries, in Africa and the Middle East. The RFF program will be implemented in 2 distinct phases: Phase I will identify and support partner financial institutions (“PFIs”) with an interest in rural finance, and Phase II will focus on supporting farmer cooperatives across multiple value chains to roll-out digitally-enabled finance through partner financial institutions. The project includes mobilization of resources from the IDA PSW Local Currency Fund (IDA-PSW LCF), and a possible mobilization of resources from the Global Agriculture and Food Security Program (GAFSP), a multilateral mechanism to support sustainable agriculture in developing countries.
+221 33 869 75 50 / 869 75 65
Avenue Bourguiba x Blvd Dial Diop – BP 5817 – Dakar - Senegal
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