Advans Banque Congo, a microfinance institution (MFI) operated by Luxembourg-based Advans SA, recently met the Congolese central bank’s requirement of a minimum of USD 13 million in capital. The new capital was provided by existing shareholders Advans SA, the African Development Bank (AfDB), the German development bank KfW, and the World Bank’s International Finance Corporation (IFC).
In a press release Advans Banque Congo said that the increased capital requirements would help the MFI take advantage of the market potential for microfinance in the Democratic Republic of the Congo, where only approximately 200,000 bank accounts exist for a population of approximately 67 million. Advans Banque Congo will use the capital to expand its loans to micro-, small, and medium-sized enterprises [1].
About Advans SA
Advans SA is a microfinance investment vehicle which mobilizes funds for microfinance institutions (MFIs). Advans SA was created by Horus Development Finance with backing from Agence Francaise de Developpement (AFD), European Investment Bank (EIB), Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden N.V. (FMO), International Finance Corporation (IFC), and KfW Entwicklungsbank (KfW). Advans SA aims to create new microfinance institutions (MFIs), which are retail micro-lenders, by investing as a lead shareholder. Advans SA aims to create approximately 10 new MFIs and invest in existing MFIs principally in Africa and Asia.
By Eric McKay, Research Assistant
Bibliography
[1] Advans SA, Press Release, “Advans Banque Congo, microfinance bank in Kinshasa, increases its capital to USD 13 million”, February 2010, http://www.advansgroup.com/fileadmin/Advans/Presse_release/1001_EN_CP_AdvansBanqueCongo_CapitalIncrease_v1.0.pdf
Additional Links
MicroCapital Universe: Advans Banque Congo: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Advans+Banque+Congo
MicroCapital Universe: Advans SA: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Advans+SA
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