Finance

Societe General Senegal strengthens support to SMEs with Proparco assistance

Societe General Senegal strengthens support to SMEs with Proparco assistance
Wednesday, 22 November 2023 12:24

This initiative strengthens the longstanding partnership between the Senegalese bank and Proparco.

French private sector financing institution in developing countries, Proparco, announced on Friday, November 17, the provision of a portfolio guarantee to the Senegalese subsidiary of the French banking group Société Générale.

According to information made available, the guarantee will cover 50% of the loans granted by the bank to very small enterprises (VSEs) and small and medium-sized enterprises (SMEs). The mechanism will enable Société Générale Senegal to expand its financing offerings to VSEs and SMEs without compromising its risk profile.

Through this agreement, Proparco reaffirms its support for Société Générale Senegal, with whom it has been in partnership for many years. The French financial institution has previously approved guarantees to support the Senegalese bank’s corporate loan offers. The most recent of these agreements were concluded in December 2020 and February 2021.

Proparco claimed that nearly 454 businesses operating in the sectors of trade, transport, and agriculture have indirectly benefited since 2005 from its risk-sharing mechanism deployed in Senegal through partner banks.

On the same topic
• The IMF has approved an immediate disbursement of $367 million to Ghana, bringing the total financial support provided to the country since May...
Zenith Bank is in advanced talks to acquire a tier-two bank in Kenya. The Central Bank of Kenya has raised capital requirements, triggering market...
• DPI acquires minority stake in Egypt’s largest private hospital group• Funds to support expansion across Egypt and key Gulf countries• Investment among...
WAEMU states collectively raised nearly 7,000 billion CFA francs in the first half of 2025, a record amount driven by increased financing needs, the...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
03

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
04

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
05

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.