Proparco releases 28.5 million euros for Standard Bank

Proparco and Standard Bank have signed two new guarantees as part of the Choose Africa initiative aimed at accelerating the growth of micro, small and medium enterprises (SMEs) and entrepreneurship in Africa. The grant totaling 28.5 million euros was supported by the European Union (EU) and the Organization of African, Caribbean and Pacific States (OEACP).

The facility includes a first guarantee in the amount of 19.5 million euros intended to allow the bank to continue its lending activities to SMEs in a post-Covid environment. The second portfolio guarantee of € 9 million is to benefit sectors such as FinTech, agriculture, green economy, education and health care, as well as women-owned businesses and businesses. youth.

“Standard Bank is an existing partner of Proparco, having benefited from Proparco’s unlocking guarantee in 2018, as part of Standard Bank’s 618 million rand ($ 44 million) senior debt facility to Alten Solar Power ( Hardap) ”, declared the Deputy Managing Director of Proparco, Djalal Khimdjee.

For Lungisa Fuzile, CEO of Standard Bank, the bank’s vision to drive Africa’s growth “aims to integrate social, economic and environmental considerations into lending decisions and business practices in a way which helps to continue to support customers, while producing value for society as a whole ”.

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