(Ecofin Agency) - The Ivorian government is taking significant steps to enhance the economic landscape, particularly focusing on SMEs, which are considered the backbone of the economy.

In a recent announcement made by Yaya Ouattara, the Director-General of the Single Window for SME Development (GUDE-PME), the Ivorian government disclosed its ambitious plan to support 8,000 SMEs in 2024. The plan was revealed during a session at the "All About" platform of the Governmental Information and Communication Center (CICG).

Ouattara revealed that out of the 8,000 SMEs to be supported in 2024, 20% are expected to receive direct financial assistance. This matches the GUDE-PME's strategic plan aimed at supporting 80,000 SMEs over five years and mobilizing financing of about $267 million (CFA160 billion). "This five-year plan of GUDE-PME is anticipated to create or enhance 705,000 jobs," Ouattara explained.

The strategic focus on SMEs stems from their pivotal role in Côte d'Ivoire's economic framework. These businesses are crucial to the nation's economic structure, contributing 23% to the GDP and forming 23% of formal employment in 2021. To further promote them, Ivorian authorities have launched various initiatives aimed at stimulating the sector, including the Economic Program for Innovation and Business Transformation (PEPITE) initiated in 2022. PEPITE is specifically designed to promote the emergence and development of competitive SMEs, addressing the challenges of global trade, particularly with the European Union, within the context of the Economic Partnership Agreement (EPA) and the African Continental Free Trade Area (AfCFTA).

These initiatives are part of a comprehensive suite of measures intended to bolster the competitiveness of Côte d'Ivoire's economy by nurturing its SME sector. In highlighting the ongoing efforts, Ouattara pointed out that GUDE-PME had already supported 7,000 SMEs in 2023, showcasing the government's dedication to fostering economic growth and stability through the empowerment of small and medium enterprises.