Finance

Proparco Grants €2 Million Loan to Boost Microfinance in Africa, Asia, and Haiti

Proparco Grants €2 Million Loan to Boost Microfinance in Africa, Asia, and Haiti
Wednesday, 16 October 2024 14:37

The private sector arm of the AFD group has extended a third loan to Microfinance Solidaire since 2016. This funding will support the lending activities of the French institution to microfinance organizations in Senegal, Sierra Leone, Togo, Guinea, and Liberia.

Proparco announced yesterday a new €2 million ($2.1 million) loan to Microfinance Solidaire (MFS). This funding will support lending activities in MFS subsidiaries across sub-Saharan Africa, Southeast Asia, and Haiti. It will be directed to microfinance institutions in Senegal, Sierra Leone, Togo, Guinea, Liberia, Myanmar, and Haiti.

"The goal is to help these microfinance institutions grow and become key players in their respective countries," said Entrepreneurs du Monde, the NGO that manages MFS. The loan will primarily back projects led by women entrepreneurs, who make up 88% of the financing recipients, and agricultural enterprises, which account for 37% of the loans. This is the third credit line of its kind, following earlier ones in 2016 and January 2021, each also valued at €2 million.

Entrepreneurs du Monde is known for its focus on social microfinance, offering unsecured loans to people who are excluded from traditional financial systems. In addition to loans, the organization provides extra services to support its clients.

In Senegal, MFS has been active since 2017 through its subsidiary Fansoto, which offers both financial services (savings and microcredit) and non-financial services (training and business support) to entrepreneurs, 99% of whom are women. In Sierra Leone, MFS operates through its subsidiary Munafa, established in 2019. In Guinea and Togo, it has been present since 2016 through Wakili and since 2012 through its microcredit service Assilassimé.

On the same topic
• BCEAO holds key rates, citing stable growth and low inflation• WAEMU GDP grows 6.5%; inflation drops to 0.6% in Q2• Risks persist from insecurity,...
• WEF identifies 37 financial instruments for nature, highlighting 10 as priority solutions delivering both financial returns and ecological outcomes.•...
EBRD, EU, GCF, and Canada plan €65 mln ($77 mln) green loan for Crédit du Maroc. Funds to support clean energy, water treatment, and sustainable...
World Bank projects Ivory Coast could achieve 7-8% average annual growth with fiscal mobilization above 15% of GDP. Ivory Coast's tax revenue...
Most Read
01

From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...

Africa's Boundless Future: How a simple mobile phone became a pocket bank for millions
02

Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...

Gabon’s Airtel, Moov to Share Towers Under Govt-Brokered Deal
03

• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...

WAEMU Region Records Second Straight Month of Deflation, at -0.9% in July 
04

Malawi votes in high-stakes presidential election Tuesday Economic crisis, inflation dominate vot...

Malawi’s Election Puts Incumbent Chakwera to the Test on Inflation and Fuel Shortages
05

Vision Invest invests $700m in Arise IIP, Africa’s largest private infrastructure deal in 202...

Saudi Arabia’s 2025 Shopping List Now Includes Industrial Parks in Africa — With a $700 Million Entry Ticket
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.