Cofina Senegal is a subsidiary of the pan-African group COFINA (Compagnie Financière Africaine), a leader on the mesofinance market. It operates in 7 West and Central African countries and is now a key player in financing microenterprises and small and medium-sized enterprises, including informal companies. Cofina Senegal targets a client base underserved by the traditional financial system, by offering customized financial products and services to meet the specific needs of microenterprises/small and medium-sized enterprises that find it difficult to access financing.
This EUR 5m loan will support the growth in the institutions lending activity and therefore the development of its support to entrepreneurs. This support is essential at this time in order to mitigate the financial impact of the global pandemic, which is increasing the reluctance of financial institutions to invest in this structurally more risky business target.
This loan should provide 639 Senegalese microenterprises and SMEs with access to a range of financing and 221 individual beneficiaries should have access to an essential service. It will also maintain over 10,000 direct or indirect jobs.
By allowing Cofina, the country’s leading mesofinance institution, to increase its loans to local SMEs, this operation will have a significant impact on inclusive economic growth, in line with goals 8 (Decent work and economic growth) and 10 (Reduced inequalities) of the Sustainable Development Goals and in full accordance with the Paris Agreement.
This information is given at the time of signature, without prejudice to any developments in the operation/project