Proparco is supporting the private sector in Benin and Togo by making a senior credit line available to Société Générale Bénin. This contribution specifically aims to help the bank scale up its lending activity.
Société Générale Benin (SGB) started its activities in February 2003, making it the 1st banking subsidiary of an international group to operate in Benin. SGB is a universal bank and one of the country's main banks in terms of deposits and credit. It has a network of over 10 branches in the country's four main cities (Cotonou, Porto-Novo, Bohicon and Parakou). SGB has also been serving the Togolese market via its branch there since May 2015.
The project involves a EUR 15m senior credit line to finance SGB's medium and long-term activities, with the aim of supporting economic activity in Benin and Togo. The bank has defined a new strategy for the Beninese market, combined with the opening of a branch in Togo, and is once again seeking long-term financing to continue its growth. This credit line consequently aims to support SGB's credit activity.
The provision of long-term resources will allow the bank to support the development of client companies working in the trade, industry and service sectors, particularly SMEs. The project's main expected outcomes are the diversification and development of the financial sector, the diversification of corporate financing in Benin and Togo, and support for the expansion of the private sector.