Summary of Proposed Investment
Project Number
11209
Company Name
FINANCIAL BANK TCHAD
Date SPI Disclosed
Sep 10, 2002
Country
Chad
Industry
Financial Markets
Projected Board Date
Oct 15, 2002
Status
Completed
Sector
Commercial Banking - General
Department
Regional Industry - FIG Africa
Environmental Category
FI
Previous Events
Approved : Nov 22, 2002
Signed : Apr 17, 2003
Project Description
This project is an important component of the World Bank Group program to enable Chad''s small and medium sized enterprises (SMEs) and financial sector increase its participation in the construction of the oil field and increase its capacity to benefit from the oil revenue investment programs.
Chad''s banking sector is very small, underdeveloped, and deprived of term deposits which banks need to extend medium and long term loans. By providing a local currency guaranty, IFC helps mobilize regional capital and channel it toward Chadian SMEs. The development of Chadian oil resources, as well as the future investments financed with oil revenue, is opening a new economic era in one of the world poorest and lest developed country.
This project is one element of IFC''s SME initiative in Chad. IFC already supported the creation of Finadev, a micro-finance window of FBT. IFC''s board of directors approved the subscription by IFC of 25% of Finadev''s sharecapital as soon as it is spun-off from FBT. In the near future, IFC will consider other investments with other local partners. In 2002, IFC posted a permanent SME program coordinator in N''Djamena to increase its effectiveness in supporting local entrepreneurs.
Chad''s banking sector is very small, underdeveloped, and deprived of term deposits which banks need to extend medium and long term loans. By providing a local currency guaranty, IFC helps mobilize regional capital and channel it toward Chadian SMEs. The development of Chadian oil resources, as well as the future investments financed with oil revenue, is opening a new economic era in one of the world poorest and lest developed country.
This project is one element of IFC''s SME initiative in Chad. IFC already supported the creation of Finadev, a micro-finance window of FBT. IFC''s board of directors approved the subscription by IFC of 25% of Finadev''s sharecapital as soon as it is spun-off from FBT. In the near future, IFC will consider other investments with other local partners. In 2002, IFC posted a permanent SME program coordinator in N''Djamena to increase its effectiveness in supporting local entrepreneurs.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Cyrille Arnould, Senior Investment Officer
Email:carnould@ifc.org
Email:carnould@ifc.org