The International Finance Corporation (IFC), a member of the World Bank Group that was created to support private-sector development, reportedly has loaned EUR 30.5 million (USD 37.4 million) to the International Bank for Trade and Industry of Cote d’Ivoire (BICICI), a subsidiary of French bank BNP Paribas. The money is to be used to improve access to credit for Ivorian small and medium-sized enterprises (SMEs) through microloans. As of year-end 2011, BNP Paribas reported total assets of EUR 1.96 trillion (USD 2.38 trillion). Financial data specific to BICICI is not available.
The West African Economic and Monetary Union (UEMOA in French), a group of eight African member countries that aim to achieve greater regional integration and implement unified external tariffs, reportedly will also provide EUR 10.2 million (USD 12.5 million) to promote financial access for SMEs via an unnamed bank or banks.
By Charlotte Newman, Research Associate
About International Finance Corporation
A member of the World Bank Group, the International Finance Corporation (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 USD 12.2 billion mobilized to 518 projects.
Sources and Additional Resources:
Making Finance Work for Africa: “E30.5m Allocated to Improve Access to Credit for Ivorian SMEs,” http://www.mfw4a.org/news/news-details/2/EUR305m-allocated-to-improve-access-to-credit-for-ivorian-smes.html
MicroCapital.org story, April 8, 2012, “MICROCAPITAL BRIEF: Advans SA Opens Microfinance Institution Advans Cote d’Ivoire, International Finance Corporation (IFC) Invests $1m in Equity,” https://www.microcapital.org/microcapital-brief-advans-sa-opens-microfinance-institution-advans-cote-divoire-international-finance-corporation-ifc-invests-1m-in-equity/
MicroCapital.org story, July 22, 2011, “MICROCAPITAL BRIEF: IFC to Make Equity Investment of $1m in Microfinance Institution Advans Cote d’Ivoire,” https://www.microcapital.org/microcapital-brief-ifc-to-make-equity-investment-of-1m-in-microfinance-institution-advans-cote-d%E2%80%99ivoire/
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MicroCapital Universe Profile: BNP Paribas
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