The International Finance Corporation (IFC), a member of the US-based World Bank Group, recently signed an agreement with Banque Internationale du Cameroun pour l’Épargne et le Crédit (BICEC), a Cameroonian bank, to provide BICEC with a CFA 2.5 billion (USD 4.1 million) “risk sharing facility… to support its lending activities to agriculture cooperatives active in the productions of cassava, maize and sorghum” [1]. IFC will also be offering advisory services to improve BICEC’s capacity to finance agricultural projects. This project falls under the World Bank’s Agriculture Investment and Market Development (PIDMA) Project.
BICEC has approximately 315,000 customers and 36 branches. Financial information on the firm can be found in French here, http://www.bicec.com/chiffre.php. As of 2014, IFC has 184 member countries that drive its policies and approve disbursements. In June 2014, IFC reported net income of USD 1.4 billion, total assets of USD 84.1 billion, return on assets (ROA) of 1.8 percent and total investment mobilization of USD 38.1 billion.
By Jeff Pierce, Research Associate
About BICEC
Banque Internationale du Cameroun pour l’Épargne et le Crédit (BICEC), Cameroon bank and subsidiary of the French-based Group Banque Populaire and Caisse d’Epargne (BPCE), provides banking services to the nation of Cameroon. BICEC has approximately 315,000 customers and 36 branches. Financial information can be found in French here, http://www.bicec.com/chiffre.php.
About International Finance Corporation (IFC)
The International Finance Corporation (IFC), a US-based multilateral development bank and member of the World Bank Group, offers loans, equity investments and advisory and risk mitigation services to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2014, IFC has 184 member countries that drive its policies and approve disbursements. In June 2014, IFC reported net income of USD 1.4 billion, total assets of USD 84.1 billion, return on assets (ROA) of 1.8 percent and total investment mobilization of USD 38.1 billion.
Sources and Additional Resources:
[1] IFC Press Release: “IFC, BICEC partner to boost local agribusiness and productivity in Cameroon,” http://ifcextapps.ifc.org/ifcext/pressroom/IFCPressRoom.nsf/0/2CA8D7E97FA18E4F85257E1B0023E3C1?opendocument
MicroCapital Universe Profile: BICEC
MicroCapital Universe Profile: International Finance Corporation (IFC)
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