“ACEP Burkina is delighted to count on IFC’s support to foster social and economic development in Burkina Faso through better financial inclusion for unserved and underserved MSMEs in rural areas.” said Ousséni Kirakoya, Managing director of ACEP Burkina.
“Increasing access to finance for MSMEs in rural areas in a difficult macroeconomic context is key for Burkina Faso to harness its agribusiness potential and spur development,” said Charlotte Ndaw Sako, IFC’s acting Country Manager for Burkina Faso.
“The loan announced today underscores IFC’s commitment to business activity and food security in Burkina Faso at a time of rising inflation for food and other products.”
This project is part of IFC’s Rural Finance Facility (RFF), which supports financing for MSMEs in rural areas, including agri-MSMEs, smallholder farmers, and rural value chain operators in fragile and low-income countries across Africa and the Middle East.
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. IFC works in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
About the IDA Private Sector Window
As part of the 19th replenishment of the International Development Association (IDA), the World Bank Group is continuing the IDA Private Sector Window (PSW) created under IDA18 to catalyze private sector investment in the poorest and most fragile countries. Recognizing the key role of the private sector in achieving IDA’s objectives and the World Bank Group’s twin goals, the window provides a source of co-investment funding and guarantees to de-risk private investments supported by IFC and the Multilateral Investment Guarantee Agency (MIGA). The IDA PSW is an option when there is no commercial solution and the World Bank Group’s other tools and approaches are insufficient. For more information, visit: http://ida.worldbank.org/psw
About ACEP Burkina
Created in 2012, ACEP Burkina was the fourth financial institution established by ACEP International and I&P Afrique Entrepreneurs and has quickly grown to become the second largest microfinance institution in Burkina Faso. It was founded to provide financial services to underserved/excluded MSMEs in urban and semi-urban areas. The majority of ACEP Burkina’s loans are channelled to the commerce sector, typically to the owners of very small informal businesses or retail shops in business centres like Ouagadougou and Bobo-Dioulasso. https://web.facebook.com/ACEPBurkina
This article was originally published by IFC