The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has announced that it will invest GHS 1.58 million (USD 1.1 million) in Advans Ghana, a microfinance institution (MFI) established in 2008 that belongs to the Luxembourg-based Advans Group. The five-year loan is reportedly aimed at expanding Advans Ghana’s activities in urban Ghana, specifically Accra.
As of August 2010 Advans Ghana reported an outstanding loan portfolio of EUR 1.93 million (USD 2.6 million) and total voluntary deposits of EUR 383,000 (USD 517,000). It does not report to the MIX.
About Advans Group:
Advans Group is a microfinance investment vehicle (MIV) that mobilizes funds for microfinance institutions (MFIs). Advans Group 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 Group aims to create new MFIs by investing as lead shareholder. LuxFLAG, an independent organization that certifies that microfinance vehicles actually invest in the microfinance sector, certified Advans Group as of April 2010. Advans Group reported total assets of USD 7.1 million as of 2008.
About The International Finance Corporation (IFC):
A member of the World Bank Group, the International Finance Corporation (IFC) uses loan and debt securities, equity investments and guarantees with the intent of alleviating poverty. It invests in financial institutions and other companies in emerging markets as well as providing technical assistance. The IFC has 182 member countries that “collectively determine its policies, and approve investments.” In fiscal year 2009, its new investments totaled USD 14.5 billion.
By Matthew Fox, Research Assistant
Sources and Additional Resources
The International Finance Corporation (IFC): Press Release 20 September 2010: http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/545EC6A439057247852577A40051EE38?OpenDocument
MicroCapital Universe: Advans Group: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Advans+SA
MicroCapital Universe: International Finance Corporation (IFC):https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+(IFC)
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/tiki-index.php
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