In February, the French Development Agency (AFD) and the European Investment Bank (EIB) confirmed their intention to invest in MicroCred S.A. The two institutions will each take a 13.1% holding in the capital structure of MicroCred, and thereby join the other founding shareholders; PlaNet Finance (6.4%), the International Finance Corporation (14.8%), Axa Bank Belgium (26.3%) and the Société Générale (26.3%).
Microcred was founded based on an initiative between PlanetFinance & the IFC to create an organization that would reach over 300,000 microentrepreneurs in the next 5 years in developing countries. Microcred aims to achieve this by establishing their own chain of microfinance/banking institutions servicing low-income entrepreneurs. They plan to build a central technical support infrastructure including financial systems, methodologies and products to service the network.
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