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A EURIZ guarantee to Société Générale Senegal to strengthen support for SMEs
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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1500000
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Financing details
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CFA 983,935,500 Guarantee
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Customer
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SGSN
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Type of customer
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Financial institution
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Project number
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CSN1700
This project is carried out with the support of the European Union and Organization of African, Caribbean and Pacific States (OACPS).
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 and the ACP Group. This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco has allocated a EURIZ portfolio guarantee to its longstanding partner Société Générale Senegal to facilitate access to credit for MSMEs during the Covid-19 crisis.
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 allocation by Proparco of a EUR 1.5m EURIZ portfolio guarantee to SGSN will allow the bank to develop the allocation of medium/long-term loans to Senegalese MSMEs that have a strong impact on development, which is central to Société Générale Group’s “Grow With Africa” strategy. Launched in May 2019, with support from the European Union, European Development Fund and African, Caribbean and Group of Pacific States (ACP), the EURIZ guarantee aims to facilitate access to credit for MSMEs, especially in sectors that have a strong impact on development, in order to help them play their essential role in economic growth and job creation.
Project impact
This operation demonstrates Proparco’s priority of supporting the private sector in Senegal, especially in high-impact sectors.