Finance

Côte d’Ivoire: African Development Bank signs grant agreement for $400,000 with Caisse des dépôts to support micro-enterprises.

Tuesday, 27 September 2022 18:04
Côte d’Ivoire: African Development Bank signs grant agreement for $400,000 with Caisse des dépôts to support micro-enterprises.

(AfDB) - The African Development Bank has signed a grant agreement for $400,000 with the Caisse des dépôts et consignations of Côte d'Ivoire (CDC-CI). The funds will support CDC-CI to accelerate its activities to assist Ivorian small and medium-sized enterprises. The agreement was signed on 27 September 2022 in Abidjan. CDC-CI is  a State bank that handles official deposits.

The grant will be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the African Development Bank.

The financing will enable CDC-CI to promote entrepreneurial initiatives for women and youth, supporting small and medium-sized enterprises in Côte d'Ivoire to recover from the impacts of the Covid-19 pandemic. CDC-CI will do this through - among other things - the development of a strategy document that defines the scope of its intervention to assist SMEs; this will then be supported by a feasibility study to identify, prepare, and validate options for implementation. As part of the capacity building, staff of the CDC-CI will also receive training and tools.

“We are delighted with this first collaboration between the Bank Group and the Caisse des dépôts et consignations de Côte d'Ivoire," said Ahmed Attout, Head of the African Development Bank’s Capital Markets Development Division. “By strengthening the capacity of the Caisse des dépôts et consignations de Côte d'Ivoire, this project will help broaden the long-term investor base in Ivory Coast and diversify the sources of financing for Ivorian small and medium-sized enterprises.”

The Director General of the Caisse des dépôts et consignations de Côte d'Ivoire, Lassina Fofana, said: "Contributing to the financing of small and medium-sized enterprises is one of the missions of the Caisse des dépôts et consignations de Côte d'Ivoire in its capacity as an investor of general interest.

CDC-CI is very grateful to the African Development Bank for this mark of confidence and is delighted with this first collaboration which will strengthen its capacities to further support Ivorian small and medium-sized enterprises. "The Caisse des dépôts et consignations de Côte d'Ivoire intends to ensure the successful implementation of this project, which will enable the development of financing mechanisms for Ivorian small and medium enterprises, in synergy with the Ivorian banking and financial sectors. In this way, CDC-CI will contribute to the development of businesses that create wealth and jobs, especially for young people and women," added Mr. Fofana.

About the Capital Markets Development Fund:

The Capital Markets Development Trust Fund is a multi-donor grant facility designed to develop robust African capital markets and support the African Development Bank's efforts to mobilise domestic resources to finance Africa's development. Administered by the Bank, the Capital Markets Development Fund is supported by the Luxembourg Ministry of Finance and the Dutch Ministry of Foreign Trade and Cooperation.

About the Caisse des dépôts et consignations de Côte d'Ivoire :

The Caisse des dépôts et consignations de Côte d'Ivoire was created by law n°2018-574 of 13 June 2018. It is a public financial institution serving the general interest. Its missions include ensuring the secure management of the public and private funds it mobilizes and contributing to the financing of the economy through general interest investments. The Caisse des dépôts et consignations de Côte d'Ivoire also plays an important role as an institutional investor on the regional financial market, within the framework of its liquidity management operations.

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