The African Development Bank has signed a $400,000 grant agreement with the Caisse des dépôts et consignations de Côte d’Ivoire (CDC-CI). The funds will help the CDC-CI to accelerate its assistance activities to small and medium-sized enterprises in Côte d’Ivoire. The agreement was signed on September 27, 2022 in Abidjan. The CDC-CI is a state bank that manages official deposits.
The grant will come from the Capital Markets Development Trust Fund, a multi-donor fund administered by the African Development Bank.
The funding will enable CDC-CI to promote entrepreneurial initiatives for women and youth, helping small and medium-sized businesses in Côte d’Ivoire recover from the impacts of the Covid-19 pandemic. The CDC-CI will do this through – among other things – the development of a strategic document defining the scope of its intervention in favor of SMEs; this will then be supported by a feasibility study to identify, prepare and validate implementation options. As part of capacity building, CDC-CI staff will also receive training and tools.
“We welcome this first collaboration between the Bank Group and the Caisse des dépôts et consignations de Côte d’Ivoire,” said Ahmed Attout, Head of the Capital Markets Development Division of the African Development Bank. “By strengthening the capacities of the Caisse des dépôts et consignations de Côte d’Ivoire, this project will help to broaden the base of long-term investors in Côte d’Ivoire and to diversify the sources of financing for small and medium-sized Ivorian companies.
The Managing Director of the Caisse des dépôts et consignations de 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 de Côte d’Ivoire. in its capacity as an investor in the general interest.
The CDC-CI is very grateful to the African Development Bank for this mark of confidence and is delighted with this first collaboration which will strengthen its capacity to further support Ivorian small and medium-sized enterprises. “The Caisse des dépôts et consignations de Côte d’Ivoire intends to ensure the proper implementation of this project which will allow the development of financing mechanisms for small and medium-sized Ivorian companies, in synergy with the Ivorian banking and financial sectors. , the CDC-CI will contribute to the development of businesses that create wealth and jobs, especially for young people and women,” added Mr. Fofana.
About the Capital Markets Development Fund:
The Capital Markets Development Trust Fund is a multi-donor grant facility designed to develop strong African capital markets and support the African Development Bank’s efforts to mobilize domestic resources to finance Africa’s development. Administered by the Bank, the Capital Markets Development Fund is supported by the Luxembourg Ministry of Finance and the Dutch Ministry of Foreign Trade and Cooperation.
About the Caisse des dépôts et consignations of Côte d’Ivoire:
The Caisse des dépôts et consignations de Côte d’Ivoire was created by law n ° 2018-574 of June 13, 2018. It is a public financial institution serving the general interest. Its mission is to ensure the secure management of the public and private funds that it mobilizes and to contribute to the financing of the economy through investments of general interest. The Caisse des dépôts et consignations of Côte d’Ivoire also plays an important role as an institutional investor in the regional financial market, as part of its liquidity management operations.