Senegal: BNDE partners with Ctic Dakar and Cofides to support SME financing
The BNDE will manage and monitor the loans guaranteed by the Cofides.The National Bank for Economic Development (BNDE), Ctic Dakar, and Cofides have signed an agreement to facilitate access to credit for small and medium-sized enterprises (SMEs).
The BNDE agreed to take delivery of the projects presented by Ctic Dakar and the management and monitoring of loans guaranteed by the Cofides.
Ctic Dakar offers support to Information and Communication Technology (ICT) entrepreneurs whose projects are innovative and bring high added value. It aims to improve the quality, as well as the technical and financial viability of projects.
Cofides provides guarantees on loans for small entrepreneurs.
Nearly 42 per cent of wage employment in Senegal are provided by SMEs. Small businesses also represent 42 per cent of total formal sector employment and 30 per cent of total national sales, according to data from NGO Grow Hub Meeting. Yet they still face funding problems.