IFC provides BOA Group $77M facility to support SMEs in 10 African countries, including Togo

Finance
Friday, 07 April 2023 04:14
IFC provides BOA Group $77M facility to support SMEs in 10 African countries, including Togo

(Togo First) - The Bank of Africa Group (BOA) recently obtained $77 million (about CFA46 billion) from the International Finance Corporation (IFC). IFC announced the news on April 3, noting that the facility would cover half of the risks on a $154 million loan portfolio dedicated to SMEs in 10 African countries, including Togo.

The nine other countries are Benin, Burkina Faso, Côte d’Ivoire, Ghana, Madagascar, Mali, Niger, Senegal, and Tanzania.

With the monies, the BOA will support businesses active in the following sectors: agriculture, trade, construction, and energy. The bank will also increase lending to women-owned SMEs. 

Leveraging the risk-sharing facility, the BOA should extend 12,000 new loans, including at least 2,000 to businesses owned by women who often have trouble getting loans.

“One of the three pillars of our strategy is to reorganize our assets toward focusing more on SMEs. We are convinced that these companies play a driving role in the economy and we welcome IFC's initiative which will help our group increase its commitment to SMEs with greater strength and confidence," said Amine Bouabid, CEO of Bank of Africa Group.

The new financing should also help create jobs in the 10 target countries which face various conflicts and threats.

In June 2018, IFC provided the BOA Group $60 million to cover half the risks on a $120 million loan portfolio which targeted SMEs in eight African countries, including Togo. 

Esaïe Edoh

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