This is good news for trade in Mali, but especially for small and medium-sized enterprises: the Board of Directors of the African Development Bank approved, on May 16, 2018 in Abidjan, Côte d’Ivoire, a line € 8 million loan to the Sahelo-Saharan Bank for investment and trade in Mali (BSIC-Mali). It should take advantage of this line of credit to strengthen its financing efforts for small and medium-sized enterprises, one of the key sectors of the Malian economy. In the long term, this support from the Bank should allow the creation of dozens of jobs.
The facility, which is a stable source of financing, will also allow BSIC-Mali to have the necessary foreign exchange liquidity to support trade finance activities of SMEs and large enterprises in economic sectors such as building and public works (BTP), import-export as well as general trade and transport.
The credit line will also provide BSIC Mali with resources to strengthen and boost the Malian financial sector, thereby improving the overall economic environment and access to finance for SMEs in particular. This is a major issue for the fight against poverty and job creation in Mali, a country in transition according to the joint African Development Bank and United Nations assessment.
This project is in line with the Bank’s objectives, in particular the Financial Sector Development Strategy, whose objective is to improve access to finance for SMEs and to broaden and deepen financial systems. The facility is also in line with three of the bank’s top five priorities: Industrializing Africa, Feeding Africa, Integrating Africa and Improving the Quality of Life of African People through Promoting Business Development in Mali, through increased access to SME financing.
Contact: media: Olivia Ndong Obiang, Senior Communications Officer, o.ndong-obiang@afdb.org
Technical Contact: Mohamadou Ba, Senior Trade Finance Officer
About the African Development Bank Group
The African Development Bank Group (AfDB) is the first multilateral financing institution dedicated to Africa’s development. It comprises three separate entities: the African Development Bank (ADB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). The AfDB is present in the field in 29 African countries, with an external office in Japan, and contributes to the economic development and social progress of its 54 regional member states.
For more information: j.mp/AFDB_Media
