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The BANK OF AFRICA Group announces that it has entered into a portfolio guarantee agreement with IFC for $ 60 million. This financing will enable the BANK OF AFRICA Group to increase its financing to SMEs in 8 countries and thereby contribute to job creation and growth.
The text provides for a guarantee of 50% of the risks on a up to $ 120 million in financing for SMEs in Burkina Faso, Ghana, Madagascar, Mali, Niger, Senegal, Tanzania and Togo.
Half of the investment will be dedicated to the support of women's SMEs, as well as activities related to the fight against climate change: acquisition of efficient equipment in energy consumption, installation of small solar systems or biomass, establishment of intelligent supply chains in the agricultural sector, etc.
Funding is provided through the support of IFO's Women Entrepreneurs Opportunity Facility (IFOF) through its Banking on Women program and initiative 10,000 Women of Goldman Sachs. Funding was also supported by the Global SME Finance Facility a partnership between IFC, DFID (the UK's international development agency) and the Dutch Ministry of Foreign Affairs.
For Amine Bouabid, CEO of BOA Group, "this funding is in line with a strategy initiated two years ago, to increase our support for SMEs. We are indeed convinced that these bring true development, a tangible development rooted in the everyday realities of African citizens. "
Although SMEs are the main source of growth, job creation and innovation, they can not develop without access to funding. African SMEs (Sub-Saharan Africa), however, account for 30 to 67% of GDP and create 67% of jobs.
About the BANK OF AFRICA Group
The BANK OF AFRICA Group is now established in 18 countries, including 8 in West Africa (Benin, Burkina Faso, Ivory Coast, Ghana, Mali, Niger, Togo and Senegal), 8 in East Africa and the Indian Ocean (Burundi, Djibouti, Ethiopia, Kenya, Madagascar, Uganda, Tanzania, Rwanda), in the Democratic Republic of Congo, as well as in France.
The BANK OF AFRICA Group is majority owned by BMCE Bank, 3 th bank in Morocco. BMCE Bank provides strong strategic and operational support to the BANK OF AFRICA Group, as well as direct access to international markets through its presence in Europe, Asia and North America.
Born 35 years ago, the BOA Group now has nearly 6,000 employees, as of December 31, 2017, a total consolidated balance sheet of 7.7 billion euros and recorded at that date a consolidated net profit of 125, EUR 3 million, of which EUR 76 million is attributable to the Group.
More information on www.bank-of-africa.net
Press contact: Stéphane Carrer [email protected]
About IFC
IFC, a member of the World Bank Group, is the largest private sector development institution in the emerging world. In collaboration with more than 2,000 companies around the world, we use our capital, expertise and influence to create opportunities and markets where the need is greatest. In fiscal 2017, our long-term investments in developing countries reached a record $ 19.3 billion, and helped engage the private sector in eradicating extreme poverty and promoting shared prosperity. For more information, visit www.ifc.org/french .
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A About Goldman Sachs' Goldman Sachs
10,000 Women Goldman Sachs Initiative is an initiative that aims to accelerate economic growth by providing training to women entrepreneurs around the world. management and access to financing. The initiative has benefited women in fifty-six countries through hundreds of partners including universities, non-profit organizations and banks. With IFC, 10,000 Women launched a unique mechanism in 2014 to facilitate access to capital for women entrepreneurs.
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