Congo: Guarantee fund launched for SMEs

Jul 29, 2011

A guarantee and support fund (FIGA) is being created in Brazzaville, Congo, to help small and medium enterprises (SMEs) access finance.

It was established to compensate for the weaknesses of the existing guarantee fund and the agency for the promotion of SMEs, the Congolese minister for SMEs, Yvonne Adélaïde Mougany was quoted by Xinhua news agency as saying.

FIGA will help these firms in their credit application and will also guarantee and cover their financing needs, either partially or in their entirety.

The fund benefits from a
capital of 1.5 billion CFAF (€2.9 million) with 51 per cent coming from the Congolese government and 49 per cent from various
development partners.

This financial offering should strengthen with the arrival of United Bank of Africa (UBA), the eighth Commercial
bank installed in Congo, which opened its doors on July 1st.

UBA aims to become Congo's leader on both the consumer market and in
financing the investment and operational needs of SMEs.ADNFCR-2976-ID-800639667-ADNFCR