IFC invests $1million in microfinance firm Advans in Ivory Coast

A member of the World Bank Group, the International Finance Corporation (IFC) is putting in an amount of $1 million to help establish Advans Cote d’Ivoire as the country rebuilds its economy following the political unrest.

A statement from the IFC dated July 18, 2011 after Thierry Tanoh, the IFC Vice President for sub-Saharan Africa had paid an official visit to the country says, the investment will help support the growth of smaller businesses in Ivory Coast.

“The equity investment in Advans Cote d’Ivoire, which is expected to begin operations in early 2012, underscores IFC’s ability to respond rapidly to support countries in Africa recovering from political and economic strife”, the statement said.

Advans Cote d’Ivoire will serve small and medium enterprises that have limited or no access to formal banking services, broadening access to finance and stimulating economic growth in the country, the IFC indicated.

Advans has a branch in Ghana with a capital of GH¢4.6949 million and has the IFC, SG-SSB and the KfW Banking Group of Germany as co-investors.

By Ekow Quandzie