Advans Cote d'Ivoire (ACI) is a long-standing client of FMO since about 10 years. ACI is a young microfinance institution which started operations in 2012, based in Abidjan and providing financial services to micro-and small entrepreneurs. ACI is part of the Advans Group network, which has operations in 9 countries across Africa and Asia.
FMO will support ACI by providing a NASIRA portfolio guarantee to cover young, female and Covid-19 affected MSMEs.
The transaction with ACI will allow FMO to deepen and intensify our relationship with the Advans Group and ACI. The NASIRA portfolio guarantee will increase ACI's lending appetite and will facilitate funding to MSMEs affected by Covid-19, as well as support ACI to develop a specific approach and products for women and young entrepreneurs. Our guarantee facility will therefore support the resilience of MSMEs during these difficult Covid-19 times; thereby indirectly contributing to maintaining jobs in a country registering a high level of inequality. In addition, this transaction promotes financial inclusion, which is extremely low in Cote d'Ivoire with only 11% of the population >15y having an account with an MFI.
ENVIRONMENTAL AND SOCIAL RATIONALE
ACI is classified as E&S category C in accordance with FMO's policy. There are no high-risk exposures in the loan portfolio of the client due to the nature of its activities.
ACCESS TO INFORMATION
As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: email@example.com
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