This partnership will support Bic-Bred (Suisse) SA, a wholly-owned subsidiary of the French group Bred-Banque Populaire, in its financing of Céréalis, a company specializing in the international trade of soft wheat for milling in sub-Saharan Africa. Céréalis will thus be able to increase its capacity to purchase cereals and oilseeds from its suppliers and to finance receivables issued to its customers in West and Central Africa.
This risk-sharing mechanism complements Proparco's existing trade finance offer and helps meet the growing demand for cereals from small and medium-sized milling companies in Sub-Saharan Africa, an area at the heart of Proparco's strategy.
For Emmanuel Haye, Head of Africa in Proparco's Financial Institutions and Inclusion Division, "this project allows Proparco to meet a significant demand for risk-sharing products on Trade Finance for Sub-Saharan Africa. Trade finance is an important tool for economic activity in Africa and this new risk-sharing tool for short-term financing responds to a growing demand for grain on the continent.
For Michael Jackisch, Head of the Agricultural Division of Bic-Bred (Suisse) SA, "This partnership with Proparco allows Bic-Bred (Suisse) SA to support the growing financing needs of Céréalis, which are driven by population growth and changing eating habits in sub-Saharan Africa. The recent international context has created new challenges that the trader and their various partners, such as our bank, must manage in an innovative way to contribute to global food security.
Hugo Depoix, CEO of Céréalis: "We are grateful for the trust shown to us by Bic-Bred and Proparco. This ambitious partnership will allow us to ensure and increase the supply of cereals to a milling and poultry industry in full mutation, and to participate in the strategic and priority issues of food security in African countries.