Côte d'Ivoire home

Economic Development

Social Development

Other Countries

Rss

Social Development

Microfinance
Launch the Première Agence de Microfinance (PAMF) - View Press Release

On 29 April 2008, President Laurent Gbagbo of Côte d’Ivoire and His Highness the Aga Khan launched the Première Agence de Microfinance (PAMF) in Abidjan (View Press Release). PAMF has started operations in the areas of Boundiali and Dianra in Northern Côte d’Ivoire. It joins two sister microfinance institutions, in Mali and Burkina Faso, which were launched in 2006.

PAMF will serve disadvantaged communities through a network that is expected to grow to over eight branches by 2012. Loans are primarily intended for income-generating activities, and are designed to improve agricultural productivity, acquire livestock and establish small enterprises in rural and urban areas.

A central objective is to assist seasonal workers in the generation of income during the off-season. Loans will range from CFA 150,000 to 250,000 (US$ 300-500) and run from six months to two years. Investments in information technology will enhance outreach to rural areas and reduce the time needed to assess and disburse loans. The range of products will grow beyond credits to include savings, microinsurance and social loans for housing, education and health purposes. The development of a crop insurance product for cotton farmers is a top priority for AKAM in Côte d’Ivoire.

Aga Khan Agency for Microfinance (AKAM), a non-profit agency of the AKDN that aims to alleviate poverty and combat social and economic exclusion, operates microfinance institutions in 15 countries throughout Africa, Asia and the Middle East. At the end of 2007, AKAM had over 250,000 borrowers and an outstanding portfolio worth nearly US$ 120 million.