Ivorian government wants to develop new innovative mechanisms to finance SMEs

Oct 09, 2012

The Ivorian government wants to develop and implement innovative mechanisms for financing small and medium-sized enterprises (SMEs) in the country.

The Ivorian government wants to develop and implement innovative mechanisms for financing small and medium-sized enterprises (SMEs) in the country.

A forum will be held on October 11 and 12th in Abidjan with government institution representatives and SME managers to find ways to increase the supply of state support to SMEs, Xinhua news agency reports.

In 2012, the government has granted SMEs an estimated 50.9 billion fcfa (€77.6 million) in tax relief to revive the economy.

"A year after the implementation of these measures, the Ministry of Artisans and SMEs Promotion would like to increase the participation and contribution of SMEs to the creation of wealth and jobs as part of the post-crisis recovery process," the government said in a statement.

The Ivorian financial sector suffered greatly from the crisis. The cost of risk rose substantially, loan portfolios deteriorated and the banking system became significantly less profitable, according to the African Economic Outlook site.
Ivory Coast plans to create a million permanent jobs by 2015 through SMEs.

According to official figures quoted by Xinhua, this type of business represents more than 98 per cent of companies in the country and contributes 18 per cent to GDP and 23 per cent to job creation.

ADNFCR-2976-ID-801466106-ADNFCR