Supporting financial inclusion and food security in Côte d'Ivoire

Baobab Côte d’Ivoire (Baobab CI) is a subsidiary of the French microfinance group Baobab (formerly Microcred) founded in 2009 and operating in eight African and Asian countries. Baobab Côte d’Ivoire started its activities in 2011 and offers a range of inclusive financial services, enabling local entrepreneurs to develop their businesses through loans geared to the clients’ needs and profiles. It exclusively offers loans for entrepreneurship. 

The microfinance institution has almost 215,000 clients and benefits from good nationwide coverage, with 35 branches and 250 Baobab service points. 

The project involves the allocation of a senior credit line of XOF 9.9 billion (equivalent to €15 million) to support growth in Baobab CI’s lending activity to agricultural cooperatives, producers and micro-borrowers operating throughout the local agri-food value chain and, more broadly, to support Ivorian MSMEs. 

The project has two objectives:

- Food security: in the situation of food insecurity resulting directly or indirectly from the war in Ukraine, this financing responds to the objectives of the FARM (Food and Agriculture Resilience Mission) initiative, as it will support private operators in the agricultural and agri-food sector in Côte d'Ivoire whose products are for local consumption

- Reduce inequalities and support growth: the loan will finance small and medium-sized enterprises 

The expected impacts of this financing are as follows:

- 7,922 jobs supported over the next 5 years through micro-credits to finance income-generating activities and MSMEs (indirect jobs), including almost 50 direct jobs in the MFI

- More than 130 MSMEs supported

 - Support for providing access to a micro-credit over the next 5 years for more than 2,800 beneficiaries

The project will thereby contribute to the achievement of SDG 1 “No poverty”, SDG 8 “Decent work and economic growth” and SDG 10 “Reduced inequalities”.