Bank of Africa receives $171.2 Million from IFC to boost SME Development in Sub-Saharan Africa
Bank of Africa secures $171.2 Million Funding from IFC to Boost SME Development in Sub-Saharan Africa. Recently, the Bank of Africa group successfully secured a financing of $171.2 million (just over 101 billion XOF) from the International Finance Corporation (IFC), a subsidiary of the World Bank. This injection of funds aims to catalyze the group’s operations development in several African countries, with a particular focus on Togo.
The IFC’s private sector-focused financial facility will be deployed to support micro, small, and medium-sized enterprises (SMEs) in nine Sub-Saharan African markets.
These markets include Togo, Benin, Burkina Faso, Côte d’Ivoire, Kenya, Mali, Niger, Senegal, and Uganda. The primary goal is to provide assistance to SMEs facing high-interest rates.
The funds will be mainly allocated through the «Base of the Pyramid Program» (BOP), which aims to support financial service providers targeting low-income borrowers.
This approach will enhance the resilience of these businesses and facilitate their access to bank loans.
It’s worth noting that this collaboration between the IFC and the Bank of Africa group is the second financing initiative this year.
In April, the two institutions had already partnered for an investment in a risk-sharing mechanism in favor of the Bank Of Africa Group, guaranteeing 50% of a $154 million loan portfolio for SMEs in ten Sub-Saharan African countries.
Primarily owned by the Moroccan Group Bank Of Africa-BMCE Group, this African financial Institution has an extensive banking network in 19 countries, covering West Africa, East Africa, the Indian Ocean, Central Africa, and France.
Neil Camara
