2023-12-05 20:07:42
In a strategic context for the development of Small and Medium Enterprises (SMEs) in the UEMOA (West African Economic and Monetary Union) zone, the COFINA Group signs with the Official Credit Institute (ICO) of the Kingdom of Spain, through the Spanish Agency for International Development Cooperation (AECID), a partnership worth 10 million euros, or more than 6.5 billion FCFA.
This seven-year loan agreement, signed under the aegis of the Spanish Program for Financing Microfinance in Sub-Saharan Africa and supported by the Spanish Agency for International Development Cooperation (AECID), through the Spanish Development Promotion Fund (FONPRODE), pursues a dual objective: to improve the offer for Small and Medium Enterprises (SMEs) and to strengthen access to credit for better financial inclusion of populations in the UEMOA zone.
This partnership represents major progress for SMEs in the UEMOA zone which constitute the heart of the African economy by representing 90% of the economic fabric, generating 60% to 80% of jobs and contributing 40% of GDP. However, nearly 40% of these companies face difficulties accessing financing, a shortfall estimated at $330 billion by the International Finance Corporation (IFC).
With this in mind, the alliance between AECID and the COFINA Group underlines their common commitment to:
The economic and financial progress of this particularly dynamic area in recent years; Alignment of economic development objectives with the principles of inclusion and equity, particularly through support for women entrepreneurs.
“This partnership establishes a relationship of trust between our two institutions. SMEs are one of our Group’s strategic priorities and we are proud that international donors of the caliber of AECID and ICO make their contribution to consolidate this dynamic in favor of more inclusive economies in the UEMOA zone. As such, the economic empowerment of women, which we promote through our subsidiary FIN’Elle, proves crucial. » declares Jean-Luc KONAN, CEO of the COFINA Group.
This initiative is part of the continuity of the strategic and cooperation policies led by Spain, with the aim of supporting the emergence and growth of the economies of sub-Saharan Africa.
« This operation has considerable strategic value for the Kingdom of Spain because it directly supports a strategic sector in West Africa, such as SMEs. FONPRODE’s financing will be essential to the consolidation process of the COFINA Group, through which Spanish cooperation will support the livelihoods of more than 72,000 jobs, thus contributing to the achievement of the Sustainable Development Goals, with special mention for the SDGs 5 on gender equality. » declares Rafael SORIANO ORTIZ, Ambassador of the Kingdom of Spain to Côte d’Ivoire.
The COFINA Group will play a pivotal role in this operation, putting its expertise at the service of the economic and financial development of the populations concerned. The funds thus mobilized will be invested through the Group’s subsidiaries, present in the eight WAEMU countries, and engaged in the promotion and strengthening of financial services for entrepreneurs and SMEs in the area.
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