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Covid-19: Société Générale Cameroon and the EIB set XAF10 bln credit line to support local SMEs

Covid-19: Société Générale Cameroon and the EIB set XAF10 bln credit line to support local SMEs
  • Comments   -   Wednesday, 18 November 2020 17:26

(Business in Cameroon) - On November 17, 2020, Société Générale Cameroon (SGC) and the European Investment Bank (EIB) signed a strategic agreement aimed at supporting SMEs amid the covid-19 pandemic. The two financial institutions set about XAF10 billion credit line, which will be managed by SGC.

Thanks to the credit line, the bank will provide financial support to SMEs with flexible conditions. “The about XAF10 billion envelope (which includes working capital support) will boost the supports provided for investment projects. The supports will be provided at flexible conditions that take into account the difficult and sudden challenges African companies are confronted with,” an official release indicates.

The partnership was signed in the presence of Achille Bassilekin III (Minister of Small and Medium-Sized enterprises, Social Economy and Handicrafts) who praised the initiative. “Cameroon welcomes the strong support provided by Société Générale Cameroon and the European Investment Bank for Cameroon, and the private sector’s development efforts. That support will help Cameroonian SMEs improve their defense against the global economic recession, which is developing in the wake of the economic crisis,” the official said.  

According to Mareme Mbaye Ndiaye (Managing director of SGC), the initiative fits in the “Grow with Africa” strategy implemented by Société Générale (Head office of SGC) to boost its commitment to sustainable development in four axes (SMEs, infrastructures, agriculture and renewable energies) in Africa.

Africa and Europe have decided to join forces to deal with the impacts of this pandemic, by notably offering strong support to the private sector, which is one of the most affected by the health crisis. The agreement signed today, between Société Générale Cameroon and the European Investment Bank, thus falls within that framework. The Team Europe (the EU and its member states) expects that the about XAF10 billion (€15 million) dedicated to the project will help Cameroonian companies relaunch their activities,” said Sébastien Bergeon (Chargé d'affaires ad interim of the European Union delegation in Cameroon).  

On September 1, 2020, BGFI Bank Cameroon signed an agreement with the Cameroonian Ministry of Finance to set a XAF10 billion credit line to support local SMEs affected by the coronavirus pandemic.

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