AFD grants €500,000 to help develop Burkina Faso SMBs

Mar 25, 2011

The French Development Agency (AFD) has granted €500,000 to the Burkina Faso Company's house (MEBF) for a project aiming at helping small companies to develop.

The objective is to assist 150 small and medium-sized businesses (SMBs) on their journey to get financing. The MEBF will help them to get in conformity with the financial administrative and technical requirement of the financial system, APA news agency reports.

"A country's economic development is made through the SMBs growth, leading to wealth and job creation. And our structure answers the need for support and follow-up from these companies" said Dov Zerah , the AFD's Chief Executive Officer.

The project will help these small enterprises with their accounts and management as well as their dialogue with financial partners. It will also promote meso-finance with financial institutions in Burkina Faso.

According to figures released by Banque Centrale des États de l'Afrique de l'Ouest, banks in the West African Economic and Monetary Union are only contributing 20 per cent to the funding of the economic activity, as opposed to countries such as Tunisia, Cape Verde, Morocco or Mauritius, where rates are above 70 per cent, Ouestaf reports.