IFC supports the Advans Network through refinancing facilities
Advans SA SICAR is pleased to announce that two microfinance institutions of its network benefited from IFC’s support in 2010, in the form of local currency refinancing loans. Advans Cameroun received a XAF 500 million loan (circa EUR 762,000), while Advans Ghana benefited from a GHS 1.58 million loan (circa EUR 840,000). Both institutions will use the funds made available by IFC to increase their outreach.
Already a shareholder of Advans SA, Advans Cameroun and Advans Ghana, IFC further demonstrates its commitment to a strong and effective partnership with the Advans network to support micro, small and medium enterprises through microfinance institutions in Africa.
Advans Cameroun launched its operations in May 2007 and has thus far opened 6 branches in Douala and Yaoundé. It serves more than 11,000 clients and has a loan portfolio in excess of EUR 7 million.
Advans Ghana opened its first branch in Accra in October 2008. After less than 2 years in operations, it has developed a network of 5 branches and outlets. Its outstanding loan portfolio amounts to circa EUR 2 million for more than 7000 active clients.
Advans SA is headquartered in Luxembourg and was launched in December 2005. Its mission is to build a network of microfinance institutions (MFIs) in developing and emerging countries to cater to the financial needs of micro, small, and medium sized enterprises, which have limited or no access to formal banking services. The Advans network currently spans six countries: Cambodia, Cameroon, Ghana, the Democratic Republic of Congo, Tanzania and Côte d’Ivoire. Advans MFIs serve nearly 245,000 loan clients from 61 branches, and have an outstanding loan portfolio of circa EUR 55 million. Over the next three years, Advans SA plans to establish 6 to 7 new MFIs in Africa, Asia and the Middle- East. For more information, please visit www.advansgroup.com
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. As such, IFC creates opportunity for people to escape poverty and improve their lives. IFC does so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, IFC’s new investments climbed to a record $18 billion in fiscal 2010. For more information, please visit www.ifc.org
Steven Duchatelle, Head of Investment
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