Atlantic Bank and AGF sign agreement to guarantee the financing of SMEs

Jul 04, 2014

Atlantic Business International Bank and the African Guarantee Fund (AGF) have signed a $15 million (€11 million) partnership agreement on July 1.

Atlantic Business International Bank and the African Guarantee Fund (AGF) have signed a $15 million (€11 million) partnership agreement on July 1.


According to ABI's managing director Souleymane Diarrassouba, the credit line will be used to ensure the exports and imports of small and medium-sized enterprises
(SMEs)
clients at one of the six subsidiaries of
Banque Atlantique
in Benin, Burkina Faso, Ivory Coast, Niger, Senegal and Togo.


The agreement also includes
technical assistance from AGF to strengthen the bank's product development strategy.

"This agreement reaffirms once again Atlantic Bank's commitment of
to support small and medium-sized enterprises. Our collaboration with AGF will enable SMEs to play a crucial role in the economic development of Africa," said Souleymane
Diarrassouba, quoted by the Ivorian press agency.


The African Guarantee Fund is a financing institution launched in 2012 by the African Development Bank in partnership with the Danish International Development Agency (Danida) and the Spanish Agency of International Cooperation for Development (AECID).


It aims to support financial institutions wishing to extend their commitment to SMEs.