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Wednesday, 26 October 2011

Attijariwafa Bank Group and AFD partner to facilitate access to financing

The Chief Executive Officer of Attijariwafa Bank Group, Mr. Boubker Jai, signed an agreement today with the Deputy Chief Executive Officer of AFD, Mr. Didier Mercier, which aims to speed up the process to finance entrepreneurs in Africa and the Mediterranean.

This agreement concerns Attijariwafa Bank Group’s subsidiaries in Sub-Saharan African and North African regions, but the geographical area may be extended. Under the agreement, AFD will guarantee up to 50% of the risk borne by Attijariwafa Bank Group’s subsidiaries, with a limit of €2m per borrower. The Group’s subsidiaries may also place 50% of the amount of medium and long-term loans to VSEs and SMEs with amounts lower than €300,000 under a guarantee portfolio. The total budget for guarantees allocated by AFD to these loans stands at €50m. The guarantee mechanism is simple and rapid. The ACP Group recently discussed the findings of a report on SME financing in ACP countries; the finalised report is to be published before the end of November.

Source: AFD