Ivory Coast: IDB ready to invest €9 million for the development of microfinance

Aug 30, 2013

The Islamic Development Bank (IDB) plans to invest nearly Fcfa6 billion (€9.2 million) for the development of microfinance in Ivory Coast.

The Islamic Development Bank (IDB) plans to invest nearly Fcfa6 billion (€9.2 million) for the development of microfinance in Ivory Coast.

According
to
Soumahoro Vassiriki, advisor to the
Ministry
of Planning and Development,
the department "is currently mobilizing financial partners in the Arab-Muslim world for the development of microfinance in Ivory Coast, with the first result of this research being the IDB's commitment to inject Fcfa6 billion," he said, quoted by the newspaper Notre Voie.

Development partners such as the World Bank and the French Development Agency (AFD) identify the area of microfinance as a means to transform the lives and livelihoods of low-income populations.

A large majority of the Ivorian population has no access to the traditional banking sector as its savings and credit needs are too low compared to the costs of these operations.

In Ivory Coast, the banking rate remains low, at about 14 percent, and is largely concentrated in urban areas, according to the AFD.

However, access to financial services is considered as an essential
means
to reduce people's vulnerability to hazards of life and contribute to the development of small and medium-sized
enterprises. Microfinance therefore offers a way to provide access to these services to the greatest number.ADNFCR-2976-ID-801631358-ADNFCR