Microcred, an investment company founded by Planet Finance, International Finance Corporation, Societe Generale and Axa Belgium has announced the launch of its country operations in Madagascar.
According to their press release, MicroCred Madagascar aims to become a leader in providing financial services to Malagasy small businesses. The MicroCred CEO, Arnaud Ventura said, "Less than 7% of the Malagasy population has access to the banking system, and less than 200,000 people out of the 18.6 million inhabitants of the island have access to microfinance banking institutions."
As we had reported in July 2006, IFC and the International Development Association(IDA) had established a USD 25mn loan facility with the local arms of Societe Generale and Credit Lyonnais wherein IFC and IDA would guarantee half the amount(USD 12.5mn). Assuming the joint risk-sharing structure also applies to MicroCred, along with Societe Generale’s local presence, provides backing for MicroCred in Madagascar.
As reported in MicroCapital Monitor’s November Edition, Access holding, another newly launched Microfinance company has also invested in Madagascar through an equity stake in the to-be-founded AccessBanque Madagascar.
Continue reading “MicroCred Announces Launch of Madagascar Microfinance Operations”
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