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Finance

Côte d’Ivoire : Société Générale opens a $594.3 mln credit line for SMEs

Côte d’Ivoire : Société Générale opens a $594.3 mln credit line for SMEs
Friday, 24 May 2019 17:34

On May 20, 2019, Société Générale Côte d’Ivoire concluded a XOF350 billion ($594.3 million) loan agreement with the state secretary to the ministry of trade and industry.

The credit line will help support the growth of SMEs that represent close to 80% of the overall companies in Côte d’Ivoire.

The bank initiated a funding strategy for local SMEs in growth sectors. The 2019-2023 strategy is backed by a XOF450 billion funding.

According to a 2017 study by Entrepreneurial Solutions Partners (ESPartners), the funding needs of formal SMEs in Côte d’Ivoire is estimated at XOF3.5 billion.

 Chamberline Moko

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