The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, will invest USD 1 million in Advans Cote d’Ivoire, a member of the Advans SA group of microfinance institutions (MFIs). The equity investment will be used to finance the growth of Advans Cote d’Ivoire’s portfolio of loans to micro-, small and medium-sized enterprises (MSMEs). IFC has previously supported other MFIs in the Advans SA group in Cameroon, Democratic Republic of the Congo (DRC) and Ghana.
As of July 2011, Advans Cote d’Ivoire does not report to the US-based nonprofit Microfinance Information Exchange (MIX). The Advans SA group of MFIs reports an aggregate outstanding loan portfolio of approximately EUR 55 million (USD 75.7 million) as of 2010.
By Rohan Trivedi, Research Associate
About International Finance Corporation (IFC):
A member of the World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries that drive its policies and approve disbursements. As of June 30, 2010, IFC reports net income of USD 1.75 billion, total assets of USD 61 billion, return on assets of 3.1 percent and total investment mobilization of USD 18.4 billion to 528 projects.
About Advans Cote d’Ivoire:
Advans Cote d’Ivoire is a microfinance institution (MFI) operating in the Ivory Coast as a member of the Advans SA group of financial institutions, which is registered in Luxembourg. Advans Cote d’Ivoire was founded in 2009 and offers credit and savings services to micro-, small and medium-sized enterprises (MSMEs). As of July 2011, Advans Cote d’Ivoire does not report data to the US-based nonprofit Microfinance Information Exchange.
About Advans SA:
Advans SA SICAR (Advans SA) is a venture capital company registered in Luxembourg and managed by Horus Development Finance of France, whose mission is to broaden access to financial services for micro-, small and medium-sized enterprises (MSMEs) in emerging economies. Its modus operandi is to invest as lead shareholder in the creation of financial institutions. In addition to equity and debt funding to microfinance institutions (MFIs), Advans SA provides technical assistance to MSMEs to promote sustainable and profitable operations. Advans’ MFIs in Cameroon, Ghana, Tanzania, Democratic Republic of the Congo and Cambodia serve approximately 245,000 loan clients with 61 branches and an outstanding loan portfolio of approximately EUR 55 million (USD 75.7 million) as of 2010. Advans SA plans to establish 6 to 7 new MFIs in Africa, Asia and the Middle East by 2013. LuxFLAG, an organization that certifies that microfinance vehicles actually invest in the microfinance sector, most recently certified Advans in April 2011.
Sources and Additional Resources:
[1] IFC Press Release: “IFC Invests in Advans Cote d’Ivoire to Support Small Business Growth”, http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/51BE7C06ABCBA715422578D1005259B2?OpenDocument
MicroCapital.org story, December 22, 2010: “MICROCAPITAL BRIEF: International Finance Corporation (IFC) Lends $1M to Cameroonian Microfinance Institution (MFI) Advans Cameroun”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-lends-1m-to-cameroonian-microfinance-institution-mfi-advans-cameroun/
MicroCapital.org story, September 27, 2010: “MICROCAPITAL BRIEF: The International Finance Corporation (IFC) Invests $1.1m in Microfinance Institution (MFI) Advans Ghana”, https://www.microcapital.org/microcapital-brief-the-international-finance-corporation-ifc-invests-1-1m-in-microfinance-institution-mfi-advans-ghana/
MicroCapital.org story, November 24, 2009: “MICROCAPITAL BRIEF: ‘Advans SA’ of Luxembourg Creates Subsidiary ‘Advans Côte d’Ivoire’ to Provide Microfinance Services in the West African Country”, https://www.microcapital.org/advans-sa-of-luxembourg-creates-subsidiary-advans-cote-d’ivoire-to-provide-microfinance-services-in-the-west-african-country/
MicroCapital Universe Profile: International Finance Corporation (IFC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
MicroCapital Universe Profile: Advans Cote d’Ivoire, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Advans+Côte+d’Ivoire
MicroCapital Universe Profile: Advans SA, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Advans+SA
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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