World Bank building

MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

Young woman bending down to tending to her outside chores

Explore different types of political risk insurance guarantees provided to investors and lenders.

Hyundai building

Explore global projects that support economic growth, reduce poverty and improves people’s lives.

Hands husking peas into a basket full of peas

Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

Stay Connected

Comoros Development Bank

$1.8 million

Project Facts

Project Facts

Project Facts

Project ID
Strategic Priority Area
Conflict Affected
Guarantee Holder
I&P Afrique Entrepreneurs
Investor Country
Environmental Category
Date SPG Disclosed
August 28, 2014
Projected Board Date
September 27, 2014
Project Type
Fiscal Year

Project description 

This summary covers an equity investment by I&P Afrique Entrepreneurs (IPAE) in the Comoros Development Bank. The investor has applied for a MIGA guarantee of €1.32 million ($1.8 million equivalent) for a period of up to five years against the risks of transfer restriction, expropriation, and war and civil disturbance.

The project involves the privatization of the Comoros Development Bank (Banque de Développement des Comores, BDC). IPAE, an impact investment fund providing equity to small and medium enterprises and financial actors in Africa, is planning to assume 60 percent ownership of BDC as a result of the acquisition and cession of shares held by the Central Bank of Comoros, a subsequent share capital increase, and the final acquisition and cession of shares held by the government of Comoros.

Environmental Categorization

The project is a category FI under MIGA’s Policy on Social and Environmental Sustainability.

Development Impact

The participation of IPAE in the shareholding of BDC offers the opportunity to reform, improve, and add capacity to a central player in the Comorian financial sector. BDC is the only major banking institution in Comoros offering microcredit and investment loans for very small businesses and SMEs, as well as housing loans. BDC’s long-term credit and loan portfolios are mainly directed at enterprises operating in manufacturing and services, which is in alignment with the government’s development strategy. This project is expected to have a positive impact on Comoros’ economy by consolidating BDC’s current position and providing the bank with the necessary financial capacity and know-how to increase its lending portfolio in the country. IPAE has invested in more than 40 organizations in sub-Saharan Africa and the island countries of the Indian Ocean, where it has brought capital, technical skills, as well as managerial and institutional reform.

This proposed project is aligned with MIGA’s strategic priorities of supporting investments into fragile and conflict-affected countries and countries eligible for concessional lending from the International Development Association. The project will complement the International Finance Corporation’s efforts to strengthen the capacity of local financial institutions and SMEs.

The proposed project would be underwritten through MIGA’s Small Investment Program.