Proparco opens FCFA 13 bln line of credit

Proparco, the subsidiary of the French Development Agency (AFD) specialised in financing solutions for the private sector, has just granted a FCfa 13 billion loan to Société Générale Cameroun, in order to support the financing of SMEs and big companies, we officially learned.

This is the second line of credit that Proparco opens for a bank established in Cameroon in less than six months. Indeed, Proparco had announced on 18 December 2015 having granted a loan of FCfa 26.2 billion to BICEC, Cameroonian subsidiary of the French banking group BCPE, in order to support the local economy.

Established in the Cameroonian economic capital for over 10 years, Proparco, who works with the private sector through a wide variety of sectors such as energy, telecoms, food industry or finance, has been announced since 2013 in the capital of the Cameroonian insurance company Activa, with the acquisition of a 10% stake.