Senegal: New SME bank to be operational in 2014
In Senegal, a new bank dedicated to financing small and medium-sized enterprises (SMEs) has received its licence.In Senegal, a new bank dedicated to financing small and medium-sized enterprises (SMEs) has received its
The National Economic Development Bank (Bnde) will become fully operational in January 2014, with the mission to promote SME growth through the provision of credit, in a country where banks currently cover only five percent of funding requirements for this type of business.
"By creating the Bnde, the government wants to provide sustainable solutions to the financing of SMEs but also cover the financing needs of economic actors in the market sector and contribute to the implementation of a strategy for accelerated growth and economic and social development in Senegal," said the director of the institution Nourou Thierno Seydou Sy, quoted by newspaper Le Soleil.
He added that the Bnde has several advantages, including a capital of Fcfa11 billion (€16.8 million), a healthy level of funds available, interest rates taking into account the option to support SMEs with high potential, as well as a dynamic monitoring and faster processing of cases.
concluded by saying that to facilitate access to credit, the Bnde will develop innovative forms of guarantees to fit the needs of SMEs, in partnership with the guarantee fund for priority investments (Fongip).