The Minister for the Promotion of SMEs, Félix Anoblé, proceeded to the installation of the management committee of the credit guarantee fund for Small and Medium Enterprises, this Tuesday, February 18 in Abidjan.
Composed of six members, representing the State of Côte d'Ivoire and the private sector, this committee's main mission is to work towards a lasting solution to the problem of SMEs' access to bank loans.
“Dear members of the management committee, your responsibility is all the greater because you have no right to fail. SMEs are watching you and the government places its hopes in you to make this instrument the catalyst for SME financing in all its forms,” warned Félix Anoblé, Minister for the Promotion of SMEs.
“We have to move safely and quickly because expectations are very high on the part of SMEs and the government. Our task will be tough and the whole private sector has its eyes on us. But I have faith that we will get there”, reassures Marcellin Zinsou, Chairman of the Management Committee of the Guarantee Fund.
This fund will be fed by several mechanisms, in particular an envelope of more than 2 billion FCFA allocated by the State of Côte d'Ivoire, by part of the specific tax on equipment and by technical and financial partners. Eventually, this fund should reach 30 billion FCFA.
The credit guarantee fund for small and medium-sized enterprises was created by decree on January 8, 2019. It aims to guarantee the credits requested by Ivorian SMEs from banks and provide them with the necessary guarantees for public contracts. At least 1,000 companies should benefit from this new system and promote the creation of more than 10,000 jobs by the end of 2020.