Gabon: BGFIBank and guarantee fund AGF partner to boost SME development

Jun 17, 2014

BGFIBank Group has signed a partnership with the African Guarantee Fund (AGF) over a $20 million (€14.8 million) line of credit. The partnership is designed to guarantee the financing of small and medium enterprises (SMEs).

BGFIBank Group has signed a partnership with the African Guarantee Fund (AGF) over a $20 million (€14.8 million) line of credit. The partnership is designed to guarantee the financing of small and medium enterprises (SMEs).

Under this agreement, the AGF will also allocate a grant to finance the training of entrepreneurs and the creation of new dedicated products. It will also facilitate the development of specific information systems tailored to
SMEs'

needs, Gabonews reports.

BGFIBank said in a statement that it wants to help finance
SMEs'
operating cycles and entrepreneurial investment projects, since these companies constitute an important lever of economic development in Gabon.

In March, the World Bank had approved
funding of $18 million, also designed to promote the development of SMEs in the country.

The loan, provided by the International Bank for Reconstruction and Development, should benefit 25,500 Gabonese in terms of job creation and new skills
by the end of the project in 2019.

It supports the creation of a single window for businesses and the establishment of a simplified registration system based on an online electronic database. It also includes technical assistance,
as well as training of the personnel involved with the business register.ADNFCR-2976-ID-801728633-ADNFCR