AFRICA: EIB and Atlantic Business International join forces to support businesses in sub-Saharan Africa

Supporting Private Sector: Atlantic Business International and the European Investment Bank EIB conclude a €65 million agreement to support Companies in Sub-Saharan Africa through the Atlantic Bank network.

Atlantic Business International (ABI), a holding company in the WAEMU region of the Banque Centrale Populaire(BCP) group, and the European Investment Bank (EIB) have reached a financing agreement of €65 million to support businesses in Côte d’Ivoire, Burkina Faso, and Senegal through the Atlantic Bank network.

Through this agreement, the BCP group and the EIB are expanding their cooperation in the SME market in the region.

This initiative, supported by the European Union (EU), strengthens ABI and the EIB’s commitment to financial inclusion, empowerment, youth and women leadership, as well as the economic development of the region.

As part of this strategic partnership, the EIB’s loan to ABI will mobilize up to €130 million in financing for Ivorian, Senegalese, and Burkinabe companies, with a focus on SMEs.

At least 30% of the funds will benefit women, and an equal percentage will benefit young entrepreneurs, thus reinforcing the parties’ commitment to diversity and inclusion.

Additionally, this partnership will be complemented by technical assistance provided by the EIB to ABI and a €65 million risk-sharing mechanism to offer integrated services to SMEs.

This is one of the very first operations under the 2023-2027 Agreement between the EU and the EIB for financing the private sector in Africa, the Caribbean, and the Pacific.

Its realization, facilitated by the long-term partnership between the EIB and the BCP group, demonstrates their commitment to the economic development and promotion of social inclusion on the African continent.

This partnership will contribute to the achievement of the African Union’s Agenda 2063, the EU’s External Action, and the EU’s Multiannual Indicative Programme for Sub-Saharan Africa 2021-2027, thus supporting inclusive and job-creating economic growth on the continent, in line with the EU’s Multiannual Indicative Programmes in Côte d’Ivoire, Burkina Faso, and Senegal.

Pedro OKALAMAR