Senegalese SMEs obtain 9 million euro for investment schemes

The European Investment Bank (EIB) has announced loans for 9 million euro for financing investment schemes undertaken by small and medium-sized enterprises (SMEs) in Senegal: - A global loan for 8 million euro has been granted jointly to Crédit Lyonnais Sénégal (CLS), Banque ...

The European Investment Bank (EIB) has announced loans for 9 million euro for financing investment schemes undertaken by small and medium-sized enterprises (SMEs) in Senegal:

- A global loan for 8 million euro has been granted jointly to Crédit Lyonnais Sénégal (CLS), Banque Internationale pour le Commerce et l'Industrie (BICIS), Société Générale de Banques au Sénégal (SGBS) and Compagnie Bancaire de l'Afrique Occidentale (CBAO) for financing medium and long-term loans to SMEs in the industrial, agricultural-processing, fisheries and tourism sectors;
- A second global loan for 1 million euro has been advanced to Société Financière d'Équipement (SFE), a company which has recently specialised in industrial plant and equipment leasing finance, a particularly useful instrument for meeting SME capital funding requirements. The credit line is earmarked for supporting operations of this kind in the same sectors as above.

The EIB was created in 1958 by the Treaty of Rome. It was set up to contribute to the integrated and balanced development of the Member States, as well as to their economic and social cohesion, by providing long-term finance for capital investment fulfilling EU objectives.

Devised by the Bank in 1968, global loans are employed by the EIB to finance small and medium-scale ventures. They are essentially lines of credit opened with banks and other national, regional and local financial intermediaries, which deploy the proceeds in the form of sub-loans targeted in favour of small and medium-scale investment schemes meeting the EIB's eligibility criteria.

Countries

Senegal