Original disclosure @ FMO website
Updated in EWS May 15, 2020
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The loan facility to COFINA Cote d'Ivoire will support on-lending to women micro-entrepreneurs, young entrepreneurs and SMEs, which is fully aligned with FMO's strategic goal of Reducing Inequalities and SDG 8.
The transaction is the 2nd deal pursued with the COFINA Group and will also be the second FI-AF loan in Cote d'Ivoire. Even though Cote d'Ivoire has maintained a strong economic growth rate in the last years, close to one person out of two still live below the national poverty line. The bulk COFINA Cote d'Ivoire portfolio is dedicated to MSME funding, our loan will thereby drive financial inclusion, which is critical in reducing poverty and achieving inclusive economic growth. On top of that, COFINA Cote d'Ivoire belongs to the COFINA Group, which has the ambition of becoming the Pan African mesofinance leader. FMO is willing to build a long-term relationship with the Group as a whole.
No contact information provided at the time of disclosure
ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism