(Ecofin Agency) - 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