On11 December 2020, Societe Generale and the European Investment Bank (EIB) announced the signing of a partnership for the development of the Chadian economy. The first direct eib financing in Chad, this support from the private sector is part of the EIB’s increased support to foster the development of SMEs and strengthen their resilience to economic, social and health challenges, including the COVID 19 pandemic.
This initiative was officially launched at a ceremony in N’Djamena attended by Issa Doubragne, Chad’s Minister of Economy and Development Planning, Magloire N’Guessan, Managing Director of Societe Generale Chad, Nikolaos Milianitis, Head of the EIB’s Representation in Central Africa and Zissimos Vergos, Head of Business
“Chad welcomes this major first and the strong support provided by Societe Generale and the European Investment Bank to Chad’s and the private sector’s development efforts. This new line of credit will encourage investment and support private sector employment throughout Chad in the face of the global economic recession that is taking hold in the wake of the global crisis,” said Minister Issa Doubragne.
“Efforts to combat Covid-19 can only sustainably bear fruit as part of a comprehensive approach. Africa and Europe have chosen to join hands to jointly address the impact of this pandemic, particularly with increased support for the private sector, which is one of the sectors most affected by this health crisis. The agreement reached today between Societe Generale and the European Investment Bank is therefore part of this framework. Team Europe (EU and its Member States) hopes that the nearly 6.5 billion CFA francs (10 million euros) project will help Chadian companies relaunch their activities,” said Zissimos Vergos, Chargé d’Affaires a.i., European Union Delegation in Chad.
Societe Generale Chad’s nearly 6.5 billion XAF funding will include working capital support, increase support for investment projects, and provide more flexible disbursement conditions to address the acute and sudden challenges facing African businesses.
“Since the launch in 2017 of its Grow with Africastrategic plan, Societe Generale has been increasing its initiatives to support the sustainable and solid development of SMEs in Africa. A privileged partner of the local entrepreneurial fabric, Societe Generale Chad gives daily shape to this ambition of financing the economy. This commitment, made alongside the EIB, will increase the financing capacity of small and medium-sized enterprises and promote the country’s economic growth.” said Magloire N’Guessan, Managing Director of Societe Generale Chad.
“The new system will enable local businesses to cope with the consequences of COVID-19 and continue to invest and create jobs. This new targeted assistance in support of private sector investment brings together the technical expertise and in-depth knowledge of the needs of local businesses from two international partners committed to promoting transformational investments across Africa. Once again, the European team is providing a rapid and effective response to the challenges posed by COVID-19 in cooperation with a global partner,” said Ambroise Fayolle, Vice-President of the European Investment Bank.
Chadian companies in the manufacturing, trade, agriculture, tourism and transport sectors will benefit from this new collaboration between Societe Generale and the EIB. A similar facility has already been put in place by the two institutions in Benin and Cameroon. Others are being implemented in other African countries and will be announced in the coming days.
About Societe Generale
Societe Generale is one of Europe’s leading financial services groups. Building on a diversified and integrated model, the Group combines financial strength, innovation dynamics and sustainable and responsible growth strategy. Committed to the positive transformations of companies and economies, Societe Generale acts every day with its teams to build together, with its customers, a better and sustainable future by providing responsible and innovative financial solutions.
A major player in the real economy for more than 150 years with a strong foothold in Europe and connected to the rest of the world, Societe Generale employs more than 138,000 people in 62 countries and supports 29 million individual clients, companies and institutional investors around the world on a daily basis, offering a wide range of tailored financial advice and solutions that are based on three complementary business areas. :
- Retail Banking in France with The Societe Generale,Credit du Nord and Boursorama brands that offer complete ranges of financial services with an omnichannel device at the forefront of digital innovation;
- International retail banking, insurance and corporate financial services, with networks in Africa, Russia, Central and Eastern Europe, and leading skilled trades in their markets;
- The Bank of Large Clients and Investor Solutions,with its recognized expertise, key international positions and integrated solutions.
Societe Generale is included in the main sustainability indices: DJSI (World and Europe), FTSE4Good (Global and Europe), Euronext Vigeo (World, Europe and Eurozone), 4 of the STOXX ESG Leaders indexes, MSCI Low Carbon Leaders Index.
About Societe Generale Chad
Societe Generale Chad, Chad’s largest banking network, has been providing daily support to its clients since 1999, in carrying out their projects, current local and international operations. A reference relational bank, Societe Generale Chad can count on the multi-sector expertise of its 215 employees and an ever-evolving commercial offer to serve its 37,000 active clients responsibly and dynamically. Its financial strength, market control and quality of service have earned it the “Best Commercial Banking” award at the 2018 and 2019 Global Banking and Finance Awards.
With a positive Net Promoter Score in 2020, Societe Generale Chad confirms its strategic interest in continuously improving its customer satisfaction. Committed to the positive transformations of Chad’s economy, Societe Generale Chad is a pioneering corporate citizen in supporting start-ups and developing young and female entrepreneurship.
Source: Société Générale Tchad et la BEI débloquent une ligne de crédit de près de 6,5 Milliards de FCFA, pour le développement des PME au Tchad. (eib.org)
Photo Credit : https://pixabay.com/photos/international-flag-chad-2690973/