PROJECT

Projects

Summary of Investment Information

Project Number

33780

Company Name

MicroCred China Limited

Date SPI Disclosed

Dec 2, 2013

Country

China

Region

East Asia and the Pacific

Projected Board Date

Jan 3, 2014

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Dec 21, 2024

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Sep 3, 2014
Invested : Oct 28, 2014

Sector

Microfinance and Small Business - Non Commercial Banking

Project Description

The proposed investment consists of IFC senior loans of up to US$14.5 million equivalent denominated in RMB to an existing client MicroCred China’s two subsidiaries - Microcred Nanchong (“MC Nanchong” ) and Microcred Sichuan (“MC Sichuan”, or together the “Companies”). MC Nanchong and MC Sichuan’s major operations are lending to micro or SME businesses in Sichuan province in China.

The proposed investment is consistent with IFC’s China Strategy and Global Microfinance Strategy, particularly in increasing access to finance for the underserved - the micro and small business enterprises and the self-employed mass market. The project would facilitate a stable source of long-term funding which would help the Companies grow their business in Sichuan Province, a frontier region in China.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation