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Scaling up support for microenterprises and SMEs in Madagascar with SIPEM Banque
Project
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Signature date
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Location
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Madagascar
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Financing tool
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Financing amount (Euro)
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2000000
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Financing details
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MGA 9,186,891,563 guarantee
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Customer
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SIPEM
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Type of customer
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Microfinance
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Country of headquarters
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Madagascar
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Project number
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CMG1759
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco has allocated a “Choose Africa Resilience ARIZ SME” guarantee to SIPEM to support microentrepreneurs and microenterprises during the global pandemic.
Client presentation
Created in 1990 by International Solidarity for Development and Investment (SIDI, a French international NGO) and the Association for the Promotion of Enterprise in Madagascar (APEM, an offshoot of the Groupement des Entreprises à Madagascar or GEM), SIPEM Banque is a pioneer in the Microfinance Sector in Madagascar. Through its action, it makes a major contribution to the development of financial inclusion in urban and rural areas.
Project description
The EUR 2m guarantee allocated to SIPEM Banque by Proparco will cover the liquidity requirements of microenterprises and small businesses in Madagascar. This guarantee has been made possible by the resources provided to AFD Group by the French Government under the Choose Africa Resilience initiative, which aims to support MSMEs in Africa affected by the Covid-19 crisis.
Project impact
The project will support and assist microenterprises and small businesses in Madagascar with their growth dynamics, as well as job creation.