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Group Bank of Africa and AFD sign partnership agreement

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Monday, 05 July 2010

Group Bank of Africa and AFD sign partnership agreement

Groupe BANK OF AFRICA and Agence Française de Développement sign partnership agreement to support efforts to finance Small and Medium-Sized Enterprises (SMEs) and professionals in Africa. The dynamism of the private sector plays a key role in reducing poverty and supporting economic growth in Sub-Saharan Africa, particularly by creating sustainable employment and increasing revenues. AFD Group promotes and supports investment in SMEs in Africa and the countries where it operates via several customized tools it has designed for local financial systems. GROUPE BANK OF AFRICA (BOA) enjoys nearly thirty years of unique experience in Africa thanks to its constant network expansion in East and West Africa, Madagascar and, more recently, Central Africa. Banks in BOA’s network are dynamic actors that help boost the economic growth of the countries where they are established. They also play a major role in financing the economy and the private sector by promoting access to credit for all economic actors, including professionals and Small and Medium-Sized Enterprises. Under this agreement, Agence Française de Développement will guarantee up to 50% of risks carried by banks in the BOA network in their activity of financing entrepreneurs via a financing package totaling roughly 28 million euros. The loans targeted are investment loans with unit amounts not exceeding 300 000 euros. The guarantee mechanism is simple and rapid.

Source: Agence française de développement