Proparco, the European Union and Societe Generale Guinea collaborate to support high impact VSEs/SMEs

Launched in May 2019 with the support of the European Union and the European Development Fund, and the African, Caribbean and Pacific Group of States (OACP), the EURIZ guarantee aims to facilitate access to credit for underserved VSEs/SMEs, particularly in sectors with a high developmental impact, in order to help them play their essential role in economic growth and job creation. This guarantee is also part of the French initiative to support African entrepreneurship, "Choose Africa".

By granting a EURIZ guarantee, Proparco is making it possible for Société Générale Guinée, a major player in the country's banking sector, to finance local VSEs and SMEs. This partnership, made possible thanks to the support of the EU and the OACP, represents the first guarantee set up in Guinea within the framework of the European Union's (EU) European Fund for Sustainable Development (EFSD+) guarantees and will make it possible to support Guinean SMEs through appropriate financing mechanisms and to contribute to the development of the country's private sector.

About Société Générale Guinea

Created in 1985, Société Générale Guinea is a subsidiary of the Société Générale Group and one of the first private banks established in Guinea. It has 54 ATMs and 24 branches throughout the country. With more than 35 years of experience serving the Guinean economy, Société Générale Guinea, has built a relationship of trust with its 106,000 local and international customers by offering them a wide range of innovative and varied products and services dedicated to their needs. In 2017, Societe Generale Group launched the "Transform to Grow" initiative to contribute to the sustainable development of Africa, in partnership with territories, local stakeholders and international experts. In Guinea, Societe Generale has developed the concept of the Maison de la PME, which aims to be a multidimensional support approach to meet the needs of SME leaders.

For more information: www.guinee.societegenerale.com; @societegeneraleguinee

About Proparco

Proparco is a subsidiary of Agence Française de Développement (AFD Group) dedicated to the private sector. For over 40 years, Proparco has been working to promote sustainable economic, social and environmental development. Proparco is involved in financing and supporting companies and financial institutions in Africa, Asia, Latin America and the Middle East. Its action focuses on key development sectors: infrastructure with a focus on renewable energy, agribusiness, financial institutions, health, education, etc. Its interventions aim to strengthen the contribution of private actors to the achievement of the Sustainable Development Goals (SDGs), adopted by the international community in 2015. To this end, Proparco finances companies whose activities contribute to the creation of decent jobs and income, the provision of essential goods and services, and the fight against climate change. For a world in common.

More information: www.proparco.fr and @Proparco

About the European Fund for Sustainable Development and the EURIZ guarantee

The European Fund for Sustainable Development (EFSD), which represents the first pillar of the European Union's External Investment Plan (EIP) was created on September 26, 2017. The EDFD has mobilized resources of the European Union to the tune of 5.4 billion euros and aims to support investments mainly in Africa and the countries of the Union's neighborhood, with the aim of contributing to the achievement of the United Nations 2030 Sustainable Development Goals. The EDF includes both blending operations and guarantees, and is implemented by the European Investment Bank and the network of Member States' development finance institutions, of which Proparco is a member.

The EUR 1.55 billion mobilized by the European Union under the EDFD guarantee program supports operations that, among other things, have a convergence of interests by allowing adequate risk sharing among financial partners; are economically and financially viable; are technically sound and environmentally and socially sustainable; and maximize the mobilization of private sector capital. The EURIZ guarantee, with a total budget of EUR 830 million and for which Proparco is the lead financial institution, is part of the portfolio of products made available under the EDF guarantee program.

More information: ec.europa.eu/eu-external-investment-plan/projects/euriz_en