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Proparco has allocated an ARIZ guarantee to BICIS to support its activity for Senegalese SMEs
Project
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Signature date
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Location
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Senegal
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Financing tool
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Financing amount (Euro)
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3500000
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Financing details
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XOF 2.3bn guarantee
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Customer
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BICIS DAKAR
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Type of customer
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Financial institution
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Project number
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CSN1690
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco is renewing its support to Senegal’s private sector by allocating an ARIZ guarantee to a longstanding partner, BICIS.
Client presentation
Since 2005, the International Bank for Trade and Industry of Senegal (BICIS), one of the main beneficiaries of the ARIZ guarantee in Senegal, has supported some 400 MSMEs through this mechanism. This operation is the 5th portfolio guarantee program between AFD Group and BICIS.
Project description
The portfolio guarantee allocated by Proparco, for a maximum amount of EUR 3.5m (XOF 2.3bn), will allow BICIS to continue to support the economic development of Senegal. The ARIZ guarantee, a financial instrument set up by AFD Group, is a risk-sharing tool offered to financial institutions to allow them to develop their activity for MSMEs. ARIZ is thereby an effective instrument to promote investment and job creation in a number of sectors of activity (agriculture, health, industry, microfinance, transport…). This key tool for financial intermediation is particularly suited to the specific characteristics of Senegal’s economy.
Project impact
A total of some 105 Senegalese MSMEs should be supported through this guarantee and some 315 jobs supported over the next few years.