Abidjan (Côte d'Ivoire) - The Ivorian government, which wants to facilitate access to credit for small and medium-sized enterprises (SMEs), is considering waiving the Banking Transaction Tax, in order to lower the credit rate and support private investment.

The State wants to "save" the Tax on Banking Operations to allow SMEs to have access to credits, said Monday in Abidjan the Minister to the Prime Minister, in charge of the Budget and the portfolio of the State, Moussa Sanogo on the occasion of the 4th edition of the National Day of State/Private Sector Partnership.

He said that this accompanying measure is being studied and should be submitted to Parliament. The issue of SME financing in Côte d'Ivoire remains a problem.

The granting of credit to these entities is delicate for several factors, among others, the risks related to the profitability of the projects, the business plan and the expertise of the entrepreneurs.

Banks and financial institutions criticize SMEs in particular for not having legibility and traceability in their operating accounts allowing the granting of credits. They also denounce an asymmetry of information in relations with companies.

Finance s'engage, supported by the Ivorian Employers, has been promoted in recent years as an alternative and innovative solution to support SMEs in their growth. In this momentum, banks and financial institutions are committed to supporting SMEs.

The Ivorian State, aware of the catalytic role of the private sector in economic growth, wants to bring it to play its full part. In Côte d'Ivoire, SMEs represent more than 98% of the fabric of formally constituted companies and contribute 20% to the Gross Domestic Product (GDP).