26565 - MicroCred Senegal

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Proposed Investment

Project Number

26565

Company Name

BAOBAB SENEGAL

Date SPI Disclosed

May 22, 2009

Country

Senegal

Industry

Financial Markets

Projected Board Date

Jun 23, 2009

Status

Completed

Sector

Commercial Banking - Microfinance and Small Business

Date Revised SPI Disclosed

Jun 8, 2009

Department

Regional Industry - FIG Africa

Environmental Category

Previous Events

Approved : Jul 17, 2013
Signed : Dec 22, 2009
Invested : Mar 19, 2010

Project Description

MicroCred Senegal is a greenfield microfinance institution (MFI). It will propose a range of microfinance products, including credit and savings. It will target local entrepreneurs with limited access to formal financial services in urban areas. It will focus its activities in large cities, starting with Dakar. MicroCred Senegal will be managed by local and international staff with prior experience in micro and small business lending. It will also be supported by technical assistance from MicroCred S.A. (MicroCred Holding).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	0.0
Loan	7.70
Equity	3.90

Development Impact

The developmental impact of MicroCred Senegal is expected to be far reaching in terms of its economic support for productive micro-entrepreneurs and small businesses, employment generation and providing access to finance to an underserved segment of the market. This project will help promote the model of commercially run MFIs in Senegal. This will have an important demonstration effect in Senegal’s microfinance sector.

This project has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure. MicroCred Senegal is sponsored by MicroCred Holding, an IFC investee company (#22583). As part of IFC''s investment in the holding company, MicroCred Holding has already committed to establish an SEMS for each MFI in which it invests, which includes screening against the IFC Microfinance Exclusion List.

In line with this prior commitment, MicroCred Senegal will set up its SEMS prior to disbursement, ensuring that all its investments are screened and processed to avoid supporting activities on the IFC Microfinance Exclusion List, will appoint and maintain an Environment Manager, will demonstrate commitment and dedicate resources to implementing the procedures and take action to remedy any gaps in implementation on an ongoing basis and report to IFC in the form of an Annual Environment Performance Report.

Contacts

For Inquiries About the Project, Contact

Mr. Arnaud Ventura, Managing Director and CEO MicroCred S.A. 13 rue Dieumegard 93400 Saint-Ouen Telephone: + 331 4921 2626 Fax: +331 4921 2627 E-mail: aventura@microcred.org Website: www.microcred.org

For Inquiries and Comments About IFC, Contact

General IFC Inquiries IFC Corporate Relations 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384E Mail: Webmaster

Local Access of Project Documentation

IFC Dakar Office Rue Aime Cesaire x Impasse FN 18 Prolongee Dakar, Senegal

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Projects

Summary of Proposed Investment

Project Description

Sponsor / Cost / Location

Development Impact

Similar Projects

Contacts

Projects

Summary of Proposed Investment

Project Description

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

Board Approved IFC Investment

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

IFC's Expected Development Contribution

Environmental and Social Issues - Category

Press-Release

Related ESRS/ERS

Similar Projects

Contacts

Disclaimer