The BNDE and African Solidarity Fund sign agreement to support SMEs in Senegal

Dec 17, 2013

The National Economic Development Bank (Bnde) and the African Solidarity Fund (FSA) signed a partnership last week to support small and medium-sized enterprises and industries (SMEs and SMIs).

The National Economic Development Bank (Bnde) and the African Solidarity Fund (FSA) signed a partnership last week to support small and medium-sized enterprises and industries (SMEs and SMIs).

The two parties will join forces to improve access to credit and reduce poverty in their respective area, making SMEs play a more prominent role in economic development.

The Director of FSA, Pierre Yaovi Sejro, told newspaper Le Soleil that SMEs and SMIs do not always have the opportunity to access loans. He said: "Problems to access finance in our country can often be explained by a lack of collateral from SMEs."

" In Senegal , the rate of rejection for funding applications totalled more than 70 percent , and about half of these applications are rejected because of the absence of guarantees, although these projects could be capable of promoting economic growth and reducing poverty " he added.

The BNDE became operational this year, with the mission to promote the development of SMEs through the provision of credit. It has a capital of CFAF11billion (£16.8 million).ADNFCR-2976-ID-801673209-ADNFCR