Proparco, a subsidiary of the French Development Agency (AFD) group dedicated to the private sector, signed on Monday June 13, 2022, several agreements at the residence of the French Ambassador in Côte d’Ivoire.
These agreements concluded with Ecobank, Société Générale Côte d’Ivoire and Advans relate to a total amount of 30.7 million euros, or more than 19 billion FCFA for the financing of Ivorian small and medium-sized enterprises (SMEs).
Through these agreements, Proparco granted six portfolio guarantees to its partners with a view to stepping up their financing activity for SMEs and Very Small Enterprises (VSEs) in Côte d’Ivoire.
According to the Managing Director of Proparco, Françoise Lombard, these banking institutions have for many years occupied a central place in the financing of entrepreneurship in Côte d’Ivoire.
As such, they are historical partners of Proparco and the French initiative Choose Africa, implemented by the AFD group aims to commit 3.5 billion euros to the benefit of African start-ups, VSEs and SMEs. over the period 2018-2022.
She specified that Ariz-type portfolio guarantees were granted to Société Générale and Ecobank. The Ariz guarantee is one of the tools of the AFD Group, which is particularly effective in encouraging investment and job creation within SMEs operating in numerous sectors of activity (agriculture, health, industry, microfinance, transport, etc.). , she said.
A Euriz portfolio guarantee was also granted to Société Générale. Launched in May 2019 with the support of the European Union and the European Development Fund, and the African, Caribbean and Pacific (ACP) Group of States, the Euriz guarantee aims to facilitate access to credit for Underserved SMEs, particularly in sectors with high development impact, to help them play their vital role in economic growth and job creation.
Finally, Advans and Ecobank will benefit from a portfolio guarantee of up to 80% coverage from the AFD group, enabling them to strengthen their loan offer to small and medium-sized Ivorian companies weakened by the covid-19 crisis.
This offer of guarantees, summarized Françoise Lombard, is part of the resilience component of the French Choose Africa initiative, launched in 2020 in response to the crisis thanks to the support of the French government.