Microfinance Focus, July 20, 2011: international Financial Corporation (IFC), the World Bank’s financial arm will be making an equity investment worth 1 million USD for creating an Advans microfinance institution in Ivory Coast.

Expected to begin its operations in early 2012, Advans Ivory Coast will help in the recovery and development of the Ivorian economy by providing financial services including micro, small and medium businesses.

With the support of IFC, portfolio of microfinance Advans Côte d'Ivoire is expected to reach 35 million USD by the end of the year 2017. IFC has worked with Advans the creation of microfinance institutions in Cameroon, Congo and Ghana.

The Advans network is currently present in six countries: Cambodia, Cameroon, Ghana, Democratic Republic of Congo, Tanzania and Cote d'Ivoire. Over the next three years, Advans plans to create six to seven new MFIs in Africa, Asia and the Middle East.