Project Summary

Project General Description

The project consists in supporting, in collaboration with the European Investment Bank (EIB) and the French Development Agency (AFD), the creation, in Côte d'Ivoire, of a new microfinance bank, MicroCred Côte d'Ivoire (MCI), providing financial services to low-income populations excluded from the mainstream banking system. MCI's financing needs amount to 11 million euros in capital (of which 5 million to be mobilized initially) and 2.8 million euros in technical assistance over the period 2010-2012. The ADB will contribute 10% of the capital. The proposed investment involves (i) a subscription to the capital of MCI for 1.1 million euros, which represents 10% of the share capital, and (ii) a subsidy of the order of 0.7 million euros ; this grant, the amount of which can not exceed the equivalent in Euros of US $ 1 million, is intended for the partial financing of technical assistance, in particular the training and development of an effective monitoring and information system.

Project Objectives

The objective is to provide financial services to people with low-income in Côte d'Ivoire who don't have access to the traditional banking system through the creation of a new microfinance bank (MicroCred Côte d'Ivoire-MCI).

Beneficiaries

MCI is the recipient of the grant. The main beneficiaries of the program are: (a) MCI and (b) its local staff (local management team and employees). The final beneficiaries are those who will benefit from setting up a microfinance institution that provides them financial services that they didn't have access to; in particular MSMEs (Small and Medium Enterprises (SMEs), Small and Medium Industries (PMI) as well as poor people who have economic activity.

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