Assisting Société Générale Côte d'Ivoire with its support to Ivorian SMEs

Société Générale Côte d’Ivoire (SGCI), a subsidiary of the French group Société Générale (SG), has been established in Côte d’Ivoire for more than 60 years. It supports all economic operators, including the State, households, professionals and companies, offering a comprehensive range of customized products and services geared to each stage of their local and international development. 

The bank has a nationwide network with 92 branches, a space dedicated exclusively to SMEs, as well as a trading room supporting foreign exchange transactions in the WAEMU  zone.

In 2023, SGCI remained the market leader, with 20% of the market share in loans and 17% in deposits. The bank’s loan portfolio amounts to approximately FCFA 2.5 trillion and is experiencing strong growth. It now has more than 600,000 clients. In addition, SGCI’s activity in the SME segment is booming, in line with SG Group’s strong ambitions and the Grow with Africa strategy. SGCI is also the main partner of ARIZ across all AFD Group’s geographical areas of operation.   

 

Proparco is providing SGCI with a €20 million ARIZ portfolio guarantee to finance Ivorian SMEs. It is the seventh portfolio guarantee renewal for SGCI. This project aims to support the development of SMEs, which play a vital role in job creation and economic growth in the country. It is part of the Choose Africa program launched by AFD.

This financing is also part of SGCI’s “Push SME” strategy, which aims to increase SME lending by 60%. The portfolio guarantee comprises loans with maturities ranging between one and seven years, with a maximum amount of €1 million. It covers the SME, professional and corporate client segments.

In accordance with AFD’s objectives, which are aligned with the Paris Agreement, the portfolio excludes sectors considered risky, or that are not relevant to economic or social development.   

The project aims to cover 50% of a loan portfolio for eligible SMEs during the two years of allocation of the guarantee. The loans are required to meet the criteria for the amount and maturity set out in the agreement. One third of the portfolio is dedicated to commercial activities (excluding the automotive sector), while the remainder of the portfolio will finance a wide range of activities, including tourism, technologies and agriculture.

This guarantee is fully in line with the development objectives defined by Proparco through the Choose Africa program. It will strengthen commercial relations between AFD and SGCI, a longstanding partner and a key player in MSME financing in Côte d’Ivoire.

In accordance with the charter signed between Proparco and SGCI, sectors considered risky have been excluded from the portfolio. Proparco is thereby actively contributing to the economic development of the country, while respecting the highest international standards in terms of environmental and social criteria.