34765 - MC Mali

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Summary of Investment Information

Project Number

34765

Company Name

BAOBAB MALI

Date SPI Disclosed

May 29, 2014

Country

Mali

Region

Africa

Projected Board Date

Jun 30, 2014

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Aug 19, 2021

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Dec 5, 2014
Signed : Mar 10, 2015
Invested : Jun 10, 2015

Sector

Microfinance and Small Business - Non Commercial Banking

Project Description

The project aims at supporting the growth of MicroCred Mali, a newly created microfinance institution formally incorporated in Mali in August 2013. Sponsored by MicroCred Holding, a leading network of seven microfinance institutions in China and Africa, the Company started its operations in September 2013. Starting with a few branches in the urban and semi-urban areas of Bamako, MC Mali then expects to expand its reach towards other medium-size Malian cities. Registered as a Système Financier Décentralisé, the legal status associated with institutions providing financial services to underserved markets in the West African Economic and Monetary Union, MicroCred Mali offers both credit and savings products to its clients.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	2.70
Equity	1.30

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Senior Loan	Loans to Microfinance Borrowers

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

i) Access to finance for micro-enterprises: The proposed project will enhance access to financial services for micro and small enterprises, which is expected to lead to job creation, income generation and inclusive growth in Mali.
ii) Mali post conflict situation: In the challenging context of the Malian political and economic post-crisis, MicroCred contribute to create opportunities for micro-enterprises in the country, and in particular in Bamako.
iii) Transformational impact: In Mali, where the microfinance sector suffers from a severe crisis, MicroCred Mali offers an alternative business model to traditional MFIs, laying the foundation to restore microfinance clients'' confidence in the sector.

i) IFC microfinance expertise: Through IFC''s portfolio in Sub-Saharan Africa, MicroCred Mali will benefit from the shared knowledge and know-how of IFC clients'' network. The Company will additionally benefit from Access to Finance''s expertise and technical assistance, which is an integral part of IFC value proposition.
ii) IFC stamp of approval: Investing at the early stage of MicroCred Mali''s development, IFC will act as a catalyst signaling MicroCred Mali''s creditworthiness and leveraging further sources of funding both locally and internationally.

E&S Category Rationale / Risks and Mitigation

The project has been categorized as FI-3 project according to IFC’s Environmental and Social Review Procedures. The bank provides microfinance services to urban micro-entrepreneurs, very small enterprises (“VSEs”) and small enterprises whose annual revenues range from US$ 2.0k to US$ 100k. Sub-clients are engaged in low risk sectors which have minimal or no adverse environmental or social impacts. The overall portfolio risk is thus considered low. The Applicable Performance Requirements for the project are the Exclusion List and the Applicable national social and environmental laws in Mali.

Contacts

For Inquiries About the Project, Contact

MicroCred Mali
Hamdallaye ACI 2000
Immeuble Nene Idia
Rue 219 Porte 314
Bamako, Mali
Telephone: +22344 90 20 40
http://www.microcred.ml

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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