Wednesday, 24 November 2010

IFC invests in Ghana

The International Finance Corporation (IFC) is investing GH¢1.58 million in Advans Ghana Savings and Loans Limited to help the microfinance institution expand lending to thousands of micro, small and medium sized enterprises in Ghana, according to a statement on the organisation's website. The five-year loan is the IFC's first in local currency to a microfinance institution in Ghana.

With the IFC's help, Advans will be able to expand its activities in Accra and nationally. Advans CEO Tanguy Gravot said of the news, “Microfinance institutions play a key role in helping improve the financial infrastructure in developing countries. Advans' partnership with IFC helps us on our growth and product diversification strategy, supporting not only micro enterprises but also small and medium companies.”

IFC's Ghana country manager Mary-Jean Moyo said, “IFC's investment in Advans Ghana is part of our global strategy to support micro, small and medium enterprises through microfinance institutions. Well managed, commercially run microfinance institutions like Advans Ghana are vital for creating a sound microfinance sector in Ghana, boosting lending to entrepreneurs and helping to improve people's lives.”

Advans Ghana should over the next three years create some 200 jobs and serve at least 40,000 microfinance clients, the statement said, 50 per cent of which are expected to be businesses run by females.

For more news and expert analysis about Ghana, please see Ghana Politics & Security.

© 2010 Menas Associates

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