The subsidiary of the Agence française de développement group (AFD Group) dedicated to the private sector, Proparco, announced on Monday June 13, 2022, at the Résidence de France located in Cocody, the granting of 6 portfolio guarantees for a total amount of 30.7 million euros, or more than 19 billion CFA francs, to Société Générale Côte d’Ivoire, Ecobank Côte d’Ivoire and Advans Côte d’Ivoire. These establishments are historical partners of Proparco and of the Choose Africa initiative implemented by the AFD Group, with the ambition of has the ambition to commit 3.5 billion euros to the benefit of start-ups, VSEs and SMEs African over the period 2018-2022.
This announcement was made in the presence of the French Ambassador to Côte d’Ivoire, Jean-Christophe Belliard, on the occasion of the first visit to Côte d’Ivoire of the new Chief Executive Officer of Proparco, Françoise Lombard, at Abidjan to take part in the CEO Forum 2022. This significant support greatly delights the Ivorian employers who, through the president of the CGECI, Jean-Marie Ackah, welcomed the strong orientation of French policy with Choose Africa. This is because the issue of SME financing is at the heart of private sector issues. In Côte d’Ivoire, 7 out of 10 SMEs consider that the lack of financing is the main problem they face and the response provided by banks and financial institutions is evaluated at 1 out of 3.
Through the voice of the General Manager of Societe Generale Côte d’Ivoire, Aymeric Villebrun, the Director of Corporate at Ecobank Côte d’Ivoire, Adonis Seka and the General Manager Advans Côte d’Ivoire (in red dress), Mrs. Mariam Djibo, the beneficiary financial institutions have indicated that thanks to these guarantees, they will be able to increase their financing activity for VSMEs in the country.
Societe Generale Côte d’Ivoire and Ecobank Côte d’Ivoire benefit from Ariz-type portfolio guarantees, which are particularly effective in encouraging investment and job creation within SMEs operating in many sectors of activity (agriculture, health , industry, microfinance, transport, etc.). A Euriz-type portfolio guarantee, aimed at facilitating access to credit for VSMEs, is also granted to Société Générale Côte d’Ivoire. When, for their part, Advans Côte d’Ivoire and Advans and Ecobank will benefit from an exceptional portfolio guarantee of up to 80% coverage allowing them to strengthen their loan offer to Ivorian SMEs weakened by the Covid-19 crisis. 19.
Proparco’s Managing Director, Françoise Lombard, says it was important for the financial institution to support these three institutions, which are among the main allies of VSMEs in Côte d’Ivoire, and to make available to them the diversity of the AFD Group’s offer intended for the financing needs of VSMEs. “The success and impact of the French Choose Africa initiative are largely based on the expertise of local partners, who are best able to meet the needs of entrepreneurs,” said the CEO.
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