IFC to Invest in MicroCred Sénégal, Support Small Businesses

IFC will invest in and provide advisory services to MicroCred Sénégal to help the MFI increase lending to micro and small entrepreneurs. IFC’s equity investment of 574.6 million West African francs (US$1.2Mln) will help the institution expand activities, initially in Dakar and at a later stage to other underserved urban areas of Senegal. SONAM, a Senegalese insurance company, and Bank of Africa will also invest 400 million West African francs (US$850,000) and 100 million West African francs (US$200,000) in the institution, respectively.

IFC’s advisory services will support MicroCred Sénégal through a grant to help them finance their expansion and improve capacity.

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