MICROCAPITAL BRIEF: International Finance Corporation (IFC), West African Monetary Union (UEMOA) to Establish Credit Bureau to Support Small-scale Businesses

The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, has partnered with the eight countries of the West African Monetary Union (UEMOA in French) to increase access to finance for the region’s small-scale businesses. IFC is developing private credit bureaus and sharing information with UEMOA in an effort to improve awareness of credit in the region, lower operations costs and improve risk mitigation. No timeframe for the project was released.

IFC established its Global Credit Bureau Program in 2001 to develop private credit bureaus in emerging markets. The program has operated in approximately 60 countries. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and total investment mobilization of USD 12.2 billion to 518 projects [1].

By Brendan Millan, Research Associate

About International Finance Corporation (IFC): A member of the World Bank Group, IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and total investment mobilization of USD 12.2 billion to 518 projects.

About West African Monetary Union (UEMOA): Established in 1994, West African Monetary Union (also known as UEMOA from the French name Union économique et monétaire ouest-africaine) is a customs and currency union comprised of eight member countries: Benin, Burkina-Faso, Cote d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. Its objective is to create a common market among those countries based on the free circulation of capital, goods, products, services and its 80 million inhabitants.

By Brendan Millan, Research Associate

Sources and Resources:

[1] International Finance Corporation (IFC): “IFC and Senegalto Increase Access to Finance in West African Monetary Union” by Lucie Giraud. http://www.ifc.org/IFCExt/Pressroom/IFCPressRoom.nsf/0/2463326D7D9C28D0852579F30051196E

MicroCapital.org story, April 19, 2012, “MICROCAPITAL BRIEF: International Finance Corporation (IFC), Wells Fargo Partner To Launch $200m Facility to Increase Trade Finance for Banks in Emerging Markets, Half in Middle East, North Africa”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-wells-fargo-partner-to-launch-200m-facility-to-increase-trade-finance-for-banks-in-emerging-markets-half-in-middle-east-north-africa/

MicroCapital.org story, April 10, 2012, “MICROCAPITAL BRIEF: International Finance Corporation (IFC), BNP Paribas Partner on $100m Facility to Increase Agriculture Financing in Sub-Saharan Africa, Eastern Europe”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-bnp-paribas-partner-on-100m-facility-to-increase-agriculture-financing-in-sub-saharan-africa-eastern-europe/

MicroCapital Universe Profile: International Finance Corporation (IFC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

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