Signature(s)
Summary sheet
Participation in the capital increase of MicroCred. MicroCred is a microfinance investment company sponsored by Planet Finance, an international microfinance group with operations in more than 60 countries. MicroCred’s investment objective is to achieve a commercially acceptable return in the microfinance area, and a social return through the deployment of equity or convertible debt to new microfinance institutions (MFIs) or financial institutions providing financial services to microentrepreneurs in developing countries. Since its creation in 2005, MicroCred has created six microfinance banks and non bank financial institutions in Madagascar, Senegal, Mexico China, Nigeria and Côte d’Ivoire. In the next years, MicroCred intends to grow its portfolio in Africa, the Middle East, China and Latin America with the ultimate goal of 15 investments by 2015.
This operation aims to meet the objectives of the Cotonou Agreement for the eradication of poverty by supporting the improvement in the quality, availability and accessibility of financial services and the development of modern financial institutions and sustainable microfinance operations.
The strategic objectives that will be achieved through this operation are:
- Creation of new Greenfield investments in Africa;
- Support of the private sector, both directly and indirectly, by investing through MicroCred in MFIs;
- Provision of credit to micro and small enterprises through MFIs created by MicroCred.
Environmental analysis according to guidelines acceptable to the Bank will be part of the due diligence process in the appraisal of investee companies.
Not applicable.