Ivory Coast: BOAD lends over €15 million to BIAO bank to finance SMEs
The West African Development Bank (BOAD) will lend Cfaf10 billion (€15.2 million) to the bank BIAO in Ivory Coast to strengthen its capacity to finance small and medium-sized enterprises (SMEs).The West African Development Bank (BOAD) will lend Cfaf10 billion (€15.2 million) to the bank BIAO in Ivory Coast to strengthen its capacity to finance small and medium-sized enterprises (SMEs).
Both parties have signed an agreement to this effect in
presence of BOAD's vice-president Bassary Toure and BIAO Ivory Coast's CEO Philippe Attobra.
"With this loan, the BOAD contributes to strengthening the stable resources of national finance institutions within countries of the Economic and Monetary Union (WAEMU) in a bid to finance the commercial sector, especially SMEs," said Bassary Toure, quoted by news agency Ecofin.
The loan will support the government's efforts to boost SMEs, which have been weakened by years of crisis. Jean- Louis Billon, the Minister of Trade and SME Promotion,
has announced the launch in 2014 of a program called Phoenix.
According to Jeune Afrique newspaper, the government will set up an investment budget of Cfaf150 to Cfaf200 billion to support SMEs. The creation of both a guarantee fund and an investment fund to boost local SMEs' funding is also planned.