Ivory Coast: Experts meet to improve access to credit for SMEs

Dec 19, 2013

An agency specifically dedicated to small and medium-sized enterprises (SMEs) will be established in Ivory Coast whose mission is to work towards facilitating access to finance and SME markets.

An agency specifically dedicated to small and medium-sized
enterprises (SMEs) will be established in Ivory Coast whose mission is to work towards facilitating access to finance and SME markets, strengthen their management capacity and improve the business climate, announced the Ivorian Minister of Commerce.

Jean- Louis Billon made this statement during the second edition of the Banker Days on December 16th in Abidjan, Xinhua news agency reports.

Organized by the Professional Association of Banks and Financial Institutions of Côte d'Ivoire (APBEF - Ci), this edition brought together experts, policy makers and bankers under the theme "SME financing as a lever for economic growth".

The Minister expressed the "determination" of the government to support the development of SMEs, which resulted in the establishment of a program to create by 2020 a "critical mass" of 100,000 competitive and dynamic SMEs.

Prime Minister Daniel Kablan Duncan has also expressed his concerns that SMEs only represent 18 percent of GDP and provide 23 percent of jobs, although they account for 80 percent of the national economic fabric.

He listed several barriers to the financing of SMEs, including the "weakness" of the global credit
market
and the fact that 60 percent of available loans are granted
in
the short term.ADNFCR-2976-ID-801674292-ADNFCR