€30.5m allocated to improve access to credit for Ivorian SMEs
The International Finance Corporation has granted €30.5 million to the International Bank for Trade and Industry in Ivory Coast in order to improve access to credit for small and medium-sized enterprises (SMEs).The International Finance Corporation (IFC) has granted €30.5 million to the International Bank for Trade and Industry in Ivory Coast (Bicici) in order to improve access to credit for small and medium-sized enterprises (SMEs).
According to Cassandra Colbert, IFC Director for Ivory Coast, the objective of this investment is not only to support the recovery of the country's financial sector, but to contribute to development of SMEs and the nation's economy, Fraternité Matin newspaper reports.
Bicici's director Fabien Riguet said that the IFC investment will create a larger loan portfolio for SMEs
at a time when the economy of Ivory Coast is recovering.
The West African Economic and Monetary Union, of which Ivory Cost is a member, will also introduce a new €10.2 million plan of action in June 2012 to promote access to credit for SMEs, Burkinapmepmi.com reports.
It is based around three axis. These are to create an incentive environment for SMEs, guaranty an efficient direct support for SMEs and provide them with a finance offering tailored for their needs