Business

AFD grants 3 billion to Société Générale Cameroun to finance SMEs

The French Development Agency (AFD) and Société Générale Cameroun signed a framework sub-participation agreement in risk on January 24, 2018, amounting to FCFA 3.3 billion, or € 5 million.

This agreement is intended to facilitate access to bank financing for micro-businesses and micro-finance institutions under local law by guaranteeing 50% of the loans that will be granted,” explains AFD. Moreover, adds AFD, this financial contribution is also intended to support and accompany even the projects of business creation or development activities, and beyond, the development of the country’s economy to through support to his private sector.

All the agreements made since 2008 to date between Société Générale Cameroun and AFD cover four portfolio guarantees (with more than 1,130 loans granted) and 99 projects accompanied by individual agreements, for a total loan amount of 94. , FCFA 6 billion, guaranteed up to 50% (FCFA 47.3 billion).

In 2017, AFD devoted nearly € 10 billion to project financing in developing countries and overseas countries, and in Cameroon, CFAF 189 billion (€ 288.2 million) was incurred. This is mainly to support projects in the infrastructure, agriculture and productive sectors.

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