AfDB to provide US$1.2mn credit to Benin-based microfinance institution

microfinance-worldbank-flickrThe African Development Bank Group (AFDB) has approved a US$1.2mn line of credit (LoC) to a Benin-based microfinance organisation

Through the credit, Finadev SA Benin will scale up its services and finance SMEs in sectors like education, health, transport, wholesale, multimedia, agribusiness, restaurants and civil works, said the AfDB in a statement.

The AfDB credit will also enable Finadev SA provide long-term loans to its clients as required to facilitate SME investments.

In addition, the bank will also discuss with Finadev the possibility of technical assistance to strengthen Finadev’s SME client management, enhance its IT systems and support its environmental and social management system (ESMS).

Through this project, more than a 100 SMEs are likely to receive aid through Finadev SA’s loan cycles, added the statement.

Finadev SA Benin is a key microfinance and SME-finance institution with an important market share in Benin. It was established in 2001 as a microfinance branch of Financial Bank (currently OraBank) and became an independent MFI in 2009. Finadev SA Benin’s key shareholder is Finadev Africa Holdings, which in turn was established through an investment by Emerging Capital Partners (ECP).

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