The African Development Bank (www.AfDB.org) has signed a $400,000 grant agreement with the Caisse des Dépôts et Consignations of Côte d’Ivoire (CDC-CI).
The funds will help CDC-CI accelerate its activities to help small and medium-sized businesses in Côte d’Ivoire.
The agreement was signed on September 27, 2022 in Abidjan.
CDC-CI is a state bank that handles official deposits.
The grant will come from the Capital Markets Development Trust Fund, a multi-donor fund managed by the African Development Bank. The funding will allow CDC-CI to promote entrepreneurial initiatives for women and youth, supporting small and medium-sized businesses in Côte d’Ivoire to recover from the impacts of the Covid-19 pandemic.
CDC-CI will do this by, among other things, developing a strategy document that defines the scope of its intervention to help SMEs; this will then be supported by a feasibility study to identify, prepare and validate options for implementation.
As part of the capacity building, CDC-CI staff will also receive training and tools.
“We are delighted with this first collaboration between the Bank Group and the Caisse des Dépôts et Consignations of 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 of Côte d’Ivoire, this project will help broaden the long-term investor base in Côte d’Ivoire and diversify sources of finance for Ivorian small and medium-sized businesses.”
The Director General of the Caisse des Dépôts et Consignations of 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 of Côte d’Ivoire.
as a general interest investor CDC-CI is very grateful to the African Development Bank for this show of trust and is delighted with this first collaboration that will strengthen its capacities to further support small and medium-sized enterprises in Costa de Ivory “The Caisse des Dépôts et Consignations of Côte d’Ivoire intends to guarantee the successful implementation of this project, which will allow the development of financing mechanisms for small and medium-sized enterprises in Côte d’Ivoire, in synergy with the banking and financial sectors of Côte d’Ivoire.
In this way, CDC-CI will contribute to the development of businesses that generate wealth and employment, especially for young people and women”, added Mr. Fofana.