Cofina and BOAD team up to back SMEs with environmental and social impact

Banking
Monday, 21 December 2020 16:08
Cofina and BOAD team up to back SMEs with environmental and social impact

(Togo First) - Cofina Group, the African financial institution based in Côte d'Ivoire, partnered with the West African Development Bank (BOAD) to support SMEs with high environmental and social impact in the WAEMU region, over the next five years. This was recently revealed in a press release issued by Cofina. 

In effect, the two partners will finance projects aimed at improving access to electricity in West Africa and the Sahel (through the deployment of autonomous solar kits and off-grid systems). As part of the new partnership, a refinancing line of CFA5 billion will first be made available to Cofina’s Ivorian subsidiary. 

“It is a great source of pride for the Cofina Group to sign a partnership of this size with a prestigious institution such as the BOAD,” said Jean-Luc Konan, CEO of the firm which started operating in Togo this year. 

For the BOAD, the partnership translates its growing interest in supporting energy transition and environmental protection. Incidentally, in Togo, the Bank is exploring avenues of partnership with the African Biofuel and Renewable Energy Company (SABER -ABREC), to finance renewable energy projects.

Ayi Renaud Dossavi

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