Advans SA signs grant agreements with AFD and OeEB
Paris, France, August, 03 2011 -
Advans SA, the international venture capital company specialised in microfinance, is pleased to announce the signature of grant agreements with two renowned development finance institutions.
These grants represent a tremendous contribution to the development and extension of the Advans network, as they will be channelled to several of Advans SA’s affiliated microfinance institutions.
Agence Française de Développement (AFD) provided three grants to Advans SA. The first one, amounting to EUR 440,000, will be made available to Advans Banque Congo to enhance the provision of financial services to Small and Medium Enterprises (SME) in Democratic Republic of Congo (DRC).
The second grant amounts to EUR 750,000 and is dedicated to the creation of Advans Côte d’Ivoire, a microfinance institution which will shortly open its doors to the public in Abidjan. The third grant, amounting to EUR 1.5 million, is AFD’s contribution to the creation of three greenfield microfinance institutions, which will increase the Advans network in the near future.
OeEB, the Development Bank of Austria, awarded Advans SA the amount of EUR 500,000 from the Advisory Programmes, funded by of the Austrian Ministry of Finance. OeEB’s grant is dedicated to the implementation of technical assistance activities for the benefit of existing and future institutions of the Advans network, including training, transfer of knowledge and best practices, and implementation of Management Information Systems.
Advans SA would like to express its appreciation to both AFD and OeEB for their support, which will indeed contribute to the provision of sound financial services to micro and small enterprises in the countries of its network.