At the outset of the pandemic, Proparco provided an immediate response to the needs of its clients affected by the crisis
In March 2020, Proparco launched a survey to identify the difficulties and most urgent needs expressed by its clients. The article published in Jeune Afrique Business on 30 March. In response to the needs expressed in this survey, Proparco continued to support its clients and immediately deployed emergency measures to support the most affected private players:
- Additional equity investments in certain client companies
- Authorizations to allow the reallocation of funds according to their priority needs related to the pandemic
- Deferred repayments to ease their cash flow. In almost 20 countries (Uganda, Niger, Kenya, Côte d’Ivoire…), Proparco postponed deadlines for its most affected clients (especially in the tourism and transport sectors), with a risk exposure of more than €225 million. For instance:
- In Egypt: Proparco postponed two deadlines for an NBFI (Non-banking Financial Institution) client: the April 2020 deadline moved to October and the October one moved to April 2021 – i.e. an extension of the initial schedule by 6 months. This extension of the deadline allowed the client to weather the first wave of the crisis and grant moratoriums to its clients affected by the impact of the pandemic.
- In South Africa, for another NBFI client in the transport sector, Proparco postponed the June 2020 deadline to the end of the amortization schedule with a 6-month extension, i.e. to December 2024. Moratoriums have also been granted to the clients of this NBFI, which asked its lenders to support them during this period.
- In Egypt: Proparco postponed two deadlines for an NBFI (Non-banking Financial Institution) client: the April 2020 deadline moved to October and the October one moved to April 2021 – i.e. an extension of the initial schedule by 6 months. This extension of the deadline allowed the client to weather the first wave of the crisis and grant moratoriums to its clients affected by the impact of the pandemic.