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Financing microfinance in sub-Saharan Africa: a partnership signed between COFINA and ICO

07/12/2023
Source : ORISHAS FINANCE
Categories: Economy/Forex

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In order to implement the Spanish microfinance financing program in Sub-Saharan Africa, the COFINA Group signs a partnership worth 10 million euros, or over 6.5 billion FCFA. The agreement was signed in collaboration with the Official Credit Institute (ICO) of the Kingdom of Spain, through the Spanish Agency for International Development Cooperation (AECID

).

The partnership agreement is signed for a period of seven years. It has a dual purpose. The first is to improve the offer for Small and Medium Enterprises (SMEs) and strengthen access to credit for better financial inclusion of populations in the UEMOA zone. The agreement between COFINA and ICO represents a major step forward for SMEs in the UEMOA region, which form the core of the African economy, representing 90% of the economic fabric, generating 60% to 80% of jobs and contributing 40% of GDP.

A noté que près de 40% de ces entreprises font face à des difficultés d' accès au financement, un manque estimé à 330 milliards de dollars par la Financial Corporation re International

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