African Development Bank Provides €30 Million Financing to Bridge Bank Côte d'Ivoire to Stimulate Local Business Expansion for Women
The African Development Bank Group and Bridge Bank Group Côte d'Ivoire have signed an agreement establishing a €30 million financing facility to support small and medium enterprises (SMEs) in Côte d'Ivoire, with a particular focus on women-led businesses.
This facility will provide Bridge Bank Group Côte d'Ivoire with the necessary financial resources to support the investment needs of enterprises and SME active in priority sectors of the Ivorian economy, particularly agro-industry, while increasing the bank's international trade financing activities in Côte d'Ivoire. Through this financing facility, the Bank Group intends to provide financial support to Ivorian small and medium enterprises, which represent a significant share of formal businesses in Côte d'Ivoire, according to the National Statistics Agency, confirming their predominant role in the economy. Attention will be paid to promising new markets such as industrial production, education and healthcare.
The agreement was signed on September 19 in Abidjan. The financing partnership comprises three components: a €10 million subordinated loan aimed at strengthening Bridge Bank Group Côte d'Ivoire's capital base, a €10 million guarantee for trade financing to meet the import and export needs of Ivorian SMEs, and a €10 million portfolio guarantee to support women-led or women-owned enterprises.
"The financing contribution constitutes an essential dimension of this partnership. The emphasis on strengthening SME capacities is equally decisive. This involves supporting women entrepreneurs in realizing their potential and accompanying enterprises in their access to markets. This dual support contributes directly to our priorities in terms of financial inclusion, gender equality, private sector development and regional integration, while aligning with the National Private Sector Development Plan," said Ahmed Attout, Director of the Financial Sector Development Department at the African Development Bank.
Bridge Bank Group Côte d'Ivoire will also benefit from technical assistance from the Affirmative Finance Action for Women in Africa (AFAWA).
"This partnership is at the heart of our mission to increase financing for women-owned or women-led SMEs. The guarantee, supported by the Women Entrepreneurs Finance Initiative (We-Fi), targets women entrepreneurs active in key sectors such as local transformation and essential social services. It will unlock up to €20 million in direct financing for them. In parallel, AFAWA technical assistance will refine understanding of women entrepreneurs' specific needs in order to adapt banking products and services to their expectations," specified Melissa Basque-Roux, AFAWA coordinator within the Bank Group.
"This strategic agreement with the African Development Bank Group marks an important milestone in our mission to support the development of the national economy. By strengthening our capacity to finance SMEs, particularly those led by women, we affirm our commitment to inclusive and sustainable growth, aligned with the priorities of the National Development Plan," said Ehouman Kassi, General Manager of Bridge Bank Group.
Source: AfDB