The equity investment in Advans Cote d’Ivoire, which is expected to begin operations in early 2012, underscores IFC’s ability to respond rapidly to support countries in Africa recovering from political and economic strife.
Advans Cote d’Ivoire will serve small and medium enterprises in Ivory coast that have limited or no access to formal banking services, broadening access to finance and stimulating economic growth in the country.
Claude Falgon, Manager of Advans SA SICAR, said, “Advans Côte d’Ivoire will make a significant contribution to the recovery and development of the Ivorian economy by providing quality financial services that micro, small and middle size enterprises need to grow and to create jobs.”
With IFC’s support, Advans Cote d’Ivoire expects its microfinance portfolio to reach $35 million by the end of 2017 and to disburse 100,000 loans by this time, half of them to women.
Theirry Tanoh, said, “IFC’s investment in Advans is part of our strategy for re-engagement in Cote d’Ivoire, a country emerging from a crisis that effected its political structures, as well as economic and social fabric. To aid the recovery process, IFC is committed to supporting micro, small and medium enterprises, which are vital sectors of economic activity in Cote d’Ivoire.”
IFC has a strong and long-standing partnership with the Advans group, which is building a network of microfinance institutions in developing and emerging countries. IFC has previously worked with Advans to establish microfinance institutions in Cameroon, DRC, and Ghana. IFC’s microfinance strategy for Africa aims to increase access to finance in the poorest areas through commercially viable microfinance institutions.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. It helps developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets.