Madagascar: Proparco loans €5 million to BNI Bank to help it grow its business
published on 21 November 2016
Proparco has granted a subordinated loan (eligible for treatment as quasi equity) to BNI MADAGASCAR - one of the country's leading commercial banks – to help partner the bank's development and provide finance for the local economy. This first new transaction since 2009 marks Proparco's renewed commitment to developing Madagascar's private sector.
The operation also consolidates the commitment of both Proparco and AFD Group to Madagascar itself. It is part of the Group's strategy of partnering banks in their role as "financiers" of local economies, encouraging people to open bank accounts and helping to diversify the available financial offering to meet the needs of both business and individuals more effectively. All banks partnered by Proparco must make CSR commitments - both in relation to their own businesses and those of their portfolio investees.
