COMPAGNIE FINANCIERE AFRICAINE COTE (FMO-58002)

Countries
  • Ivory Coast
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
C
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
Apr 24, 2020
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
COFINA Côte 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)
$ 5.41 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 5.00 MLN
Converted using 2020-04-24 exchange rate.
Bank Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS May 15, 2020


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Project Description

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.

 

Investment Description
  • Netherlands Development Finance Company (FMO)
Contact Information

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