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Signature(s)

Amount
€ 2,000,000
Sector(s)
Services : € 2,000,000
Signature date(s)
11/12/2009 : € 2,000,000
Link to source
Data sheet
Other links
Summary sheet

Summary sheet

Release date
23 April 2009
Status
Reference
Signed | 11/12/2009
20090018
Project name
Promoter - financial intermediary
Microcred II
Planet Finance
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
Up to EUR 2 million.
EUR 24 million.
Description
Objectives

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 aspects
Procurement

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.

Link to source
Summary sheet
Other links

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

General enquiries and comments

The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

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Complaints mechanism

Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

Zero tolerance against fraud and corruption

The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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