AfDB loans C/d’Ivoire women-led SMEs 50m euros
APA-Abidjan The Board of Directors of the African Development Bank has approved a loan of fifty million euros for an Ivorian bank to support small and medium-sized enterprises operating in the agriculture and energy sectors and businesses owned by women. “We want to support and strengthen the agro-industrial transformation processes of promising local…
APA-Abidjan (Côte d’Ivoire) The Board of Directors of the African Development Bank (AfDB) has approved a loan of fifty million euros for an Ivorian bank to support small and medium-sized enterprises operating in the agriculture and energy sectors and businesses owned by women.
In the context of economic recovery marked by the negative impact of the COVID-19 pandemic, this scheme will enable NSIA Banque to strengthen its financial strength.
The loan will above all provide the necessary financial resources to support the investment needs of companies and SMEs active in the prioritised sectors of the Ivorian economy, notably agriculture, agro-industry and energy efficiency.
“We want to support and strengthen the agro-industrial transformation processes of promising local sectors in order to increase economic opportunities for the less privileged populations,” said Joseph Ribeiro, Deputy Managing Director of the African Development Bank for West Africa.
“Financing the development of Ivorian SMEs and businesses, especially those owned by women, means preserving and supporting employment and promoting the economic recovery that is essential to overcome the crisis,” he said.
“Our objective through this line of financing is to facilitate access to finance for Ivorian SMEs,” added Stefan Nalletamby, Director of the Financial Sector Development and Inclusion Department at the Bank for West Africa.
“Our ambition is to offer SMEs and women entrepreneurs in Côte d’Ivoire new opportunities by encouraging them to enter new growth markets. Our priorities are to boost productive investment and develop trade in order to rapidly relaunch growth and create sustainable and inclusive jobs,” he stressed.
The scheme particularly targets the development of the private sector through improved lending capacity for NSIA Côte d’Ivoire and increased access to finance for its clients, including SMEs, as well as the gender component and expected social impact, through support to women-owned and women-led businesses and contribution to sub-projects in rural areas.
The loan is expected to contribute to inclusive growth as it targets labour-intensive sectors, while improving access to finance for underserved enterprises, including SMEs, women and youth.
In the agricultural sector, strong development outcomes are expected, including the creation of 6,700 jobs for women (36 percent of the population) and youth (37 percent).
