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Signature Proparco Baobab AFIS 2024
At the Africa Financial Industry Summit in Casablanca, Proparco and Baobab Côte d’Ivoire, the leading microfinance institution in the country, announced a new partnership. The agreement includes a senior credit line of €15 million and an EURIZ guarantee of €4 million, aimed at supporting the agricultural sector and enhancing food security in Côte d’Ivoire.

Through this partnership, Proparco reaffirms its commitment to Baobab Côte d’Ivoire, a key player in Ivorian microfinance. With 14 years of experience, the institution benefits from the backing of the Baobab Group, which operates in seven African countries. By offering financing solutions to over 500,000 micro-entrepreneurs and small businesses, the group strives to extend access to financial services to underserved populations.

This collaboration aligns with both the Alliance for Entrepreneurship in Africa and the Food and Agriculture Resilience Mission (FARM) initiative, addressing the development challenges of the agricultural sector and the social protection of clients. The credit line and portfolio guarantee will enable Baobab Côte d’Ivoire to support smallholder farms, cooperatives, and micro-enterprises across the local agri-food value chain, enhancing access to tailored financing for the most vulnerable actors. Half of the funds will be dedicated to food security projects, directly contributing to reducing food insecurity in Côte d’Ivoire. The remaining funds will support Baobab Côte d’Ivoire's core activities, centred on financing Ivorian micro and small enterprises. This initiative addresses several Sustainable Development Goals (SDGs), including SDG 1 (No Poverty), SDG 8 (Decent Work and Economic Growth), and SDG 10 (Reduced Inequalities).

Additionally, Proparco is supporting Baobab Côte d’Ivoire by providing technical assistance to help the institution develop a specific offering for agricultural value chains focused on local consumption. This support will also aim to improve client protection practices, with the goal of achieving Bronze-level certification under the Client Protection Pathway (CPP).

“This partnership with Baobab Côte d’Ivoire reflects our commitment to supporting key microfinance actors involved in strategic sectors such as agriculture and food security. Through this collaboration, we reaffirm our ambition to address the needs of vulnerable populations while contributing to the development of local production capacities,” said Emmanuelle Riedel-Drouin, Director of Financing at Proparco.

“We are pleased to collaborate once again with Proparco and to benefit from their continued support on issues close to our hearts. This partnership highlights our shared commitment to providing tangible solutions to populations underserved by traditional banks,” added Philip Sigwart, CEO of Baobab Group.

This partnership embodies the shared dedication of Proparco and Baobab Côte d’Ivoire to fostering innovative and inclusive solutions to address food security challenges and support the resilience of agricultural micro-enterprises in Côte d’Ivoire.

drapeau européenThe EURIZ guarantee programme is implemented with support from the European Union and the Organisation of African, Caribbean and Pacific States (OACP). It specifically aims to enable financial institutions to promote financing for SMEs operating in high-impact sectors.