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Proparco has allocated a Choose Africa Resilience guarantee to Société Générale Senegal
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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4992705
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Financing details
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FCFA 3,275,000,000 Guarantee
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Customer
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SGN
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Type of customer
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Financial institution
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Project number
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CSN1714
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 renewed its partnership with Société Générale Senegal by granting it a guarantee made possible through resources specially allocated by the French State for MSMEs in Africa. It is a key tool of the Resilience component of the French Choose Africa initiative.
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 Choose Africa Resilience portfolio guarantee allocated to SGSN amounts to EUR 5m. It will cover EUR 6.2m of new loans allocated by the bank to Senegalese MSMEs that suffered from the health crisis in 2020, in particular in weakened sectors: the hotel/catering industry, trade, agriculture and logistics. This is central to Société Générale Group’s “Grow With Africa” strategy.
Project impact
A total of some 150 MSMEs should be supported through this guarantee and some 450 jobs supported over the next few years.