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Proparco and Vista Gui sign a USD 10 million trade finance guarantee in Guinea
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The project consists in the granting of a USD 10 million envelope to guarantee trade finance instruments issued by Vista Gui, a subsidiary of the Vista banking group, the country's largest bank in terms of the size of its network and the second largest contributor to the financing of the economy. This line of credit, with a maturity of 2 years, is intended to support the financing of the import of basic necessities and capital goods in Guinea.
In order to strengthen the availability of trade finance in Guinea and thus support the import of essential goods, Proparco has partnered with Vista, which offers a wide range of financial services to its clients in West Africa.
With more than 82,000 clients, Vista Gui is actively involved in financing the economy and financial inclusion in Guinea and has the scale to implement its digital and intra-African trade oriented business strategy in West Africa.
This 2-year facility granted by Proparco in the framework of its Trade Finance Operations Guarantee Program will allow Vista Gui to issue Trade Finance instruments for an amount of up to USD 10 million, with a guarantee from AFD Group of up to 100%.
It aims to encourage foreign banks to engage in trade finance operations with Vista Gui and its local clients, allowing the import of essential goods such as agricultural commodities and medical equipment.
According to Abdoulaye Diallo, head of Proparco's trade finance program: "This operation by Proparco is made possible by the Choose Africa initiative and will support Vista Gui, a premium bank in Guinea that is very active in financing SMEs and imports in the country. The project will thus support a solid local partner in the development of its trade finance activity, which is essential for Guinea's supply chain.
"This facility comes at the right time to support imports into Guinea, improve access to essential goods and thus promote economic growth and job creation," said Martial GOEH-AKUE, Managing Director of Vista Gui.