On 5 September in Moanda, the Managing Director of the Ogooué Mining Company (Comilog) signed agreements with three microfinance establishments before allow small project leaders practicing in the area of influence of the company to benefit from fundings. To initiative of the Gabonese State, this action falls within the framework of Comilog’s CSR policy, of which the State is otherwise stakeholder.
“It is an honor and a real pleasure for me to take part, on behalf of the ggovernment, at the official signing ceremony for agreements between Comilog and microfinance institutions“, declared on September 5 in Moanda, in the province of Haut-Ogooué, the Minister of Trade and SMEs, Yves Manfoumbi. These agreements signed by Leod-Paul Batolo, director general of the Ogooué mining company (Comilog) and the managers of Finam, SFE and EDG, are intended to enable small project promoters operating in the area of influence of the company, to benefit from financing. That is, access to credit for entrepreneurs in the province with a guaranteed interest rate of 5 to 6%.
If for Yves Fernand Manfoumbi, the initiative contributes to the gradual establishment of an inclusive entrepreneurial ecosystem capable of driving strong, inclusive and sustainable growth as enacted in the Transformation Acceleration Plan (PAT), for the managers of the Eramet group subsidiary, the signing of this agreement also confirms the company’s societal commitment and its support for economic diversification and entrepreneurship among young people. “Leconomy goes through Small and Medium Enterprises, as they are a vital part of a country’s economic development process“, suggested Leod-Paul Batolo.
Take into account all obstacles
“HASproviding financing solutions to activate the growth of SMEs is not enough“, estimated Yves Fernand Manfoumbi. For him, it would also be necessary to provide concrete and lasting solutions to the obstacles to the growth of Gabonese SMEs, which would be of three types: structuring, access to markets and access to financing by the structures of the financial system. Emphasizing that solutions are already being considered, he assures “rReducing these obstacles therefore implies creating a legal and regulatory environment that promotes behavioral changes, both for SME managers and financiers.“.
“Comilog, by taking this act of great economic significance, is increasingly committed to the path of a responsible corporate citizen supported by a strategy defined by the mministry for which I am responsiblesaid the minister, inviting other companies to follow suit. “It is up to microfinance institutions to maintain, through responsible rigorous management mechanisms, the sustainability of this financing chain for the benefit of SMEs.“, he said calling on project leaders and entrepreneurs to take advantage of the opportunity offered not only to effectively finance activities ensuring them a certain profitability, but above all, to enable them to develop sustainably.