AfDB, Caisse des dépôts Seal $400,000 Deal To Support Micro-enterprises In Côte d’Ivoire

Posted by Eric Ojo African News, Business News, Latest Headlines Wednesday, September 28th, 2022

(AFRICAN EXAMINER) – The African Development Bank (AfDB) 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, a State-owned bank that handles official deposits to accelerate its activities to assist Ivorian small and medium-sized enterprises. The agreement was signed in Abidjan.

Established by law in 2018, CDC-CI’s missions include ensuring the secure management of the public and private funds, it mobilizes and contribute to the financing of the economy through general interest investments.

The institution also plays an important role as an institutional investor on the regional financial market, within the framework of its liquidity management operations.

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.

Head of the African Development Bank’s Capital Markets Development Division, Ahmed Attout said: “We are delighted with this first collaboration between the Bank Group and the Caisse des dépôts et consignations de Côte d’Ivoire.

“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”, he said.

Similarly, 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”, he further explained.