Finance

Guinea: Proparco to guarantee Societe Generale’s loans to VSEs and SMEs

Thursday, 21 July 2022 17:37
Guinea: Proparco to guarantee Societe Generale’s loans to VSEs and SMEs

(Ecofin Agency) - The guarantee agreement comes after Proparco signed a US$10 million trade finance guarantee with Vista Gui in June 2022. 

Proparco signed Wednesday (July 20), a financing agreement of an undisclosed amount with Societe Generale Guinea.  

The agreement concerns a "Euriz" guarantee to allow  Société Générale Guinea to fund local very small enterprises (VSEs) and small and medium-sized enterprises (SMEs). 

Eligible Guinean companies will be supported via "appropriate financing mechanisms," enabling them to contribute to the development of the private sector, economic growth, and job creation.  

The "Euriz" mechanism was launched in May 2019 to facilitate access to credit for underserved VSEs and SMEs, particularly those operating in sectors with high growth potential.

Let’s note that last month, Proparco signed a US$10 million trade finance guarantee with Guinean bank Vista Gui, to guarantee loans to local SMEs. The goal of that 2-year credit line was to allow beneficiaries to increase imports of basic goods and equipment.

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