Mali: BOAD grants CFAF13 billion to improve SMEs' access to credit
The institution has granted lines of credit to two banks.The West African Development Bank (BOAD) has granted two lines of credit of CFAF6.5 billion (€ 9.9 million) each to the Sahel-Saharan Bank for Investment and Trade-Mali (Mali-BSIC) and the Malian Solidarity Bank (BMS).
These loans aim to improve access to bank credit for small and medium-sized enterprises (SMEs).
"The support of the BOAD reflects the interest that our institution bears to SME financing, which forms the basis of our country's economic fabric. As such, they represent a powerful lever for job creation and wealth," said BOAD president Christian Adovelande.
He added that his institution intends to strengthen its support for SMEs as part of its 2015-2019 Strategic Plan, partly through lines of credit granted to domestic financial institutions.
While the partnership between the BOAD and BSIC-Mali is the first of its kind, it is the third similar agreement between the BOAD and BMS.
The previous two lines of credit, totalling CFAF7 billion, helped refinance twenty projects in construction, trade, transportation, agriculture, hydrocarbons and education.