The International Bank for Industry and Commerce (BIIC) has taken a new step in its private sector support strategy by securing a portfolio guarantee line worth 15 billion FCFA from the African Guarantee Fund (AGF). Thanks to the support of the AGF's risk-sharing mechanism, BIIC has granted nearly 18 billion FCFA in loans. Under these credit facilities, AGF has supported a total of 112 SMEs to the tune of 4.2 billion FCFA. The current loan portfolio stands at 10 billion FCFA. To date, this partnership has created jobs, some of which are held by women and others by young people.
Signed by Mr. Arsène DANSOU, Director General of BIIC, and Ms. Sibi LAWSON, Acting Director General of AGF West Africa, this agreement marks the strengthening of an existing partnership between the two institutions, with a significant upward revision of the budget, from 5 to 15 billion CFA francs, for a period of five years. It aims to facilitate access to financing for Beninese and regional SMEs and SMIs, particularly those that lack sufficient collateral to access traditional bank loans.
SMEs and SMIs are the backbone of the economy, especially in developing countries, where they contribute to job creation and income generation. Their impact is even greater in Benin, where they represent 90% of the industrial sector.
During the signing ceremony, Mr. Arsène DANSOU, CEO of BIIC, stated: "The strengthening of this credit line, increased from 5 to 15 billion FCFA, demonstrates the renewed confidence of our partner AGF. It also recognizes the rigor of our commitment and the leading role that BIIC plays in SME financing, with particular attention to women entrepreneurs."
Beyond expanding the credit guarantee scheme, AGF will provide technical assistance to BIIC to strengthen its SME financing capacity. Particular attention will be paid to women-led businesses, through specific support aimed at structuring a pipeline of women-owned SMEs ready to access credit.
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