(Ecofin Agency) - The women-focused investment fund Wic Capital has secured a line of credit from UK investor FSD Africa to continue financing women entrepreneurs in Senegal and Côte d'Ivoire.
Wic Capital has secured a $1 million loan from FSDAi Nyala Facility, an investment vehicle focused on sub-Saharan Africa. Wic Capital, which is a fund that invests in women-owned businesses in Senegal and Côte d'Ivoire, announced the news on December 5, 2023.
The women-focused fund said it would use the funds to provide its targets with innovative products tailored to their needs. Besides financing, Wic Capital will provide targeted entrepreneurs with mentoring and training sessions to bolster their activity.
At present, Wic Capital has not disclosed how much it will invest in individual projects and how many companies will benefit from the facility.
In Senegal, only 3.5% of businesswomen have access to credit from financial institutions. They also have low access to coaching and technical assistance platforms.
According to Anne-Marie Chidzero (photo), Investment Director at FSD Africa, which manages FSDAi Nyala Facility, the recent loan will allow Wic Capital to secure more funds to buttress its expansion strategy in Senegal and Côte d'Ivoire.
Wic Capital was established in 2019 by the Women's Investment Club Senegal. The Fund operates in a region where access to finance remains a major challenge for businesses, for women especially.