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