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Proparco is supporting Senegalese SMEs with its partner COFINA
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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800000
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Financing details
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FCFA 524,765,600 Guarantee
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Customer
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COFINA
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Type of customer
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Financial institution
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Project number
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CSN1716
This project is carried out with the support of the European Union.
The content of this project information sheet falls under the sole responsibility of the Proparco and does not necessarily reflect the opinions of the European Union. This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco has allocated a portfolio guarantee to COFINA to cover loans to Senegalese MSMEs affected by the Covid-19 crisis.
Client presentation
The African Finance Company Group (COFINA), one of the leading pan-African groups for MSME financing, is a key partner of AFD Group. COFINA operates in eight West and Central African countries. It has been operating in Senegal since 2014.
Project description
By granting a portfolio guarantee which will cover EUR 1m (XOF 656m) of loans allocated by COFINA, Proparco is reaffirming its commitment to MSMEs affected by the crisis. This supply of loans with an 80% guarantee from AFD Group is part of the Resilience component of the French Choose Africa initiative. This portfolio guarantee will thereby allow COFINA Senegal to better meet the needs of Senegalese small and medium-sized enterprises.
Project impact
Once COFINA Group has examined the financing requests, companies with less than 200 employees affected by the crisis may be allocated loans with maturities ranging between 12 and 48 months. These loans, which may amount to up to 3 months of the turnover in 2019, will benefit from an 80% guarantee from AFD Group.