Summary of Proposed Investment
Project Number
27966
Company Name
PAN-AFRICAN SAVINGS AND LOANS SA
Date SPI Disclosed
Mar 23, 2009
Country
Cameroon
Industry
Financial Markets
Projected Board Date
May 15, 2009
Status
Completed
Sector
Microfinance and Small Business - Non Commercial Banking
Department
NonBanking & Alternative Finance
Environmental Category
FI
Previous Events
Approved : Jan 28, 2005
Signed : Jun 26, 2009
Invested : Jun 11, 2010
Project Description
The project involves an equity investment to acquire up to 15% in EB-ACCION Cameroun (the “Company”), a new microfinance institution to be established in Cameroon to provide access to finance to an estimated 33,000 micro and small entrepreneurs five years following its inception. The project sponsor is Ecobank Cameroon, and technical services will be provided by ACCION International. Other shareholders include ACCION Investments in Microfinance (AIM) and Ecobank Transnational Incorporated (ETI).
IFC’s equity investment may be complemented by a partial credit guarantee of up to $2.5 million equivalent, and will be accompanied by an Advisory Services (AS) package of up to $2.54 million for the setting up of the company. Up to 30% of this allocation will come from IFC, and the remainder from a combination of Ecobank, ACCION and the company. ACCION will be the principal provider of technical services to the project.
IFC’s equity investment may be complemented by a partial credit guarantee of up to $2.5 million equivalent, and will be accompanied by an Advisory Services (AS) package of up to $2.54 million for the setting up of the company. Up to 30% of this allocation will come from IFC, and the remainder from a combination of Ecobank, ACCION and the company. ACCION will be the principal provider of technical services to the project.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mr. Yoro Ndiaye
Directeur General
EB-ACCION-MICROFINANCE- Cameroun. S.A
Boulevard de la Liberte, BP: 582 Douala - Cameroun
Tel: (237) 79757511
Fax: (237) 33421519.
E-m: yndiaye@accion.org
Directeur General
EB-ACCION-MICROFINANCE- Cameroun. S.A
Boulevard de la Liberte, BP: 582 Douala - Cameroun
Tel: (237) 79757511
Fax: (237) 33421519.
E-m: yndiaye@accion.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: 202-974-4384
E Mail: Webmaster
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster