Source: Advans Group.
Original press release here.
Luxembourg , October 27 October – Advans SA SICAR (Advans), Horus Development Finance (Horus) and the European Investment Bank (EIB) signed a grant agreement whereby the EIB will provide Euro 2 million to Advans to be used to fund the technical assistance facility provided by Horus and dedicated to greenfield microfinance institutions of the Advans network in Cameroon, Ghana, Democratic Republic of Congo and Tanzania. The grant agreement was signed by Mr. Plutarchos Sakellaris, Vice-President of the EIB, Mr. Claude Falgon, Director of Advans, and Mr. Jean-Hubert Gallouet, Deputy General Manager of Horus.
The Advans institutions provide access to a sustainable supply of financial services on acceptable conditions to micro, small and medium-sized enterprises. Horus designs capacity building programmes aimed at maximising their outreach and ensuring that these MFIs are sustainable and are operated and managed by well trained and qualified staff.
The EIB’s grant will help Advans, with the technical assistance of Horus, creating a strong network of sustainable microfinance institutions in ACP countries, where the potential for development of microfinance is huge. Advans Cameroun and Advans Ghana have already started their operations; Advans Banque Congo has been incorporated and should start its operations during the second quarter of 2009; and Advans Bank Tanzania should be opening its doors before the end of 2009.
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