Burkina Faso: SOFIGIB raises its capital

Sep 28, 2011

The Financing and Interbank Guarantee Company in Burkina (Société de Financement et de Garantie Interbancaire, or SOFIGIB), which helps small and medium enterprises (SMEs) access finance, has just raised its capital by issuing 72,500 new shares, priced at around €15 each.

The Financing and Interbank Guarantee Company in Burkina (Société de Financement et de Garantie Interbancaire, or SOFIGIB), which helps small and medium enterprises (SMEs) access finance, has just raised its capital by issuing 72,500 new shares, priced at around €15 each.

The SOFIGIB's capital increased from CFAF 475 million (€724,000) to CFAF 1,2 billion, APA news agency reports.

It was created by the State and Burkinabe credit institutions as part of a programme for the promotion and financing of SMEs in the West African Economic and Monetary Union
region, adopted by the Council of Ministers on December 22nd 2003.

It offers guaranties of up to 50 percent on short, medium and long-term credits granted to SMEs located in Burkina Faso, but also helps companies building their credit application and follows up on projects.

Philippe Consigui, Chief Executive Officer at SOFIGIB, told APA that the institution operates through two guaranty funds, one dedicated to the development of SMEs created by the Burkinabe state with funds granted by the Danish and Dutch embassies and another dedicated to agriculture and forestry, financed by the World Bank.

SOFIGIB contributes to SME growth, reduces poverty and acts as an important analysis tool for banks with mid-term credit applications, according to a press release published by Le Faso newspaper.ADNFCR-2976-ID-800741738-ADNFCR