AFD supports Gabonese SMEs' access to credit

Jul 10, 2014

The French Development Agency (AFD) has injected an undisclosed amount in the International Bank for Trade and Industry in Gabon (BICIG) to finance small and medium-sized enterprises (SMEs) in the country.

The French Development Agency (AFD) has injected an undisclosed amount in the International Bank for Trade and Industry in Gabon (BICIG) to finance small and medium-sized enterprises (SMEs) in the country.

According to a BICIG press release quoted by the APA news agency, the agreement signed between the two parties will guarantee up to 50 percent of loans to SMEs and entrepreneurs.

This agreement will also allow the BICIG to grant investment loans to SMEs, for amounts up to Cfaf200 million (€ 305,000) per case.

The signing of this agreement supports efforts from the Gabonese government and the World Bank to improve the business climate and access to credit for SMEs.

In March, the bank had indeed invested $18 million (€13.2 million) to support small businesses in the country.

"We’re lending them this amount to set up a functional one-stop shop, which will help simplify how to create companies," Zouera Youssoufou, resident representative from the World Bank in Gabon, told CNBC Africa.

"The loan will also provide all kinds of services to
SMEs
to have them develop their business plans together, and obtaining loans," he added.ADNFCR-2976-ID-801734390-ADNFCR