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Proparco and Société Générale Cameroon are supporting MSMEs affected by the crisis
Project
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Signature date
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Location
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Cameroon
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Financing tool
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Financing amount (Euro)
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4992705,31
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Financing details
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XAF 3.275bn guarantee covering a loan portfolio of about XAF 4.1bn (about EUR 6.2m)
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Customer
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SGC
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Type of customer
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Financial institution
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Country of headquarters
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Cameroon
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Project number
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CCM1708
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco has allocated a Choose Africa Resilience guarantee to Société Générale Cameroon for local MSMEs facing difficulties as a result of the Covid-19 crisis.
Client presentation
The bank was originally formed through the takeover of BCA (Banque Commerciale Africaine) by Société Générale Group in 1947. It became Société Générale Cameroon (SGC) in 2013 following several transformations. SGC operates in a highly competitive market (14 banks, including 4 operating in the SME market) and is one of the country’s 3 main banks.
Project description
Proparco has allocated a EUR 5m Choose Africa Resilience guarantee to Société Générale Cameroon, the main and longstanding partner in the country. It will allow it to offer loans with an 80% guarantee from AFD Group to Cameroonian small and medium-sized enterprises that have been weakened by the crisis. This guarantee product, which has been made possible through resources specially allocated by the French State for MSMEs in Africa, is a key tool of the Resilience component of the French Choose Africa initiative.
Project impact
Once the financing requests have been examined, companies with less than 200 employees affected by the crisis may be allocated loans with maturities ranging between 12 and 48 months. These loans can amount to up to 3 months of the turnover in 2019 and will have an 80% guarantee from AFD Group.