Côte D'Ivoire - Equity Participation in "MicroCred Côte d’Ivoire"

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.