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An ARIZ portfolio guarantee to Société Générale Senegal for MSMEs
Project
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Signature date
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Location
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Senegal
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Financing tool
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Financing amount (Euro)
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3000000
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Financing details
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CFA 1,967,871,000 guarantee
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Customer
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SGSN
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Type of customer
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Financial institution
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Project number
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CSN1699
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco is renewing its support to Senegal’s private sector, especially MSMEs, by allocating an ARIZ guarantee to a longstanding partner, Société Générale Senegal.
Client presentation
SGSN – Société Générale Senegal (formerly SGBS – Société Générale des Banque au Sénégal) is a longstanding partner of AFD Group. It is a universal bank incorporated under Senegalese law set up in 1964. SGSN is the second largest bank in Senegal and one of the oldest. It has a dominant position in the banking industry with its 177,000 clients (including 2,000 companies), some 40 branches covering the most populated areas of the country and 850 employees.
Project description
The EUR 3m ARIZ portfolio guarantee project will allow the bank to develop the allocation of medium/long-term loans to Senegalese MSMEs, which is central to Société Générale Group’s “Grow With Africa” strategy. It is the 4th such program between AFD Group and SGSN, the main partner bank of ARIZ in Senegal. Since 2005, Société Générale Senegal has supported over 250 MSMEs through this mechanism.
Project impact
A total of some 90 MSMEs should be supported through this guarantee and some 270 jobs supported over the next few years.