The International Finance Corporation (IFC) concluded a loan agreement of 14.5 billion CFA francs with Bank Of Africa (BOA) on November 11 in Brazzaville, intended to finance the activities of Congolese small and medium-sized enterprises.
Valued at 14.5 billion CFA francs, this loan from the IFC to BOA-Congo is the first such financing granted to a Congolese financial institution since 2016. It is intended to finance small and medium-sized enterprises (SMEs) in Congo, with the aim of ensuring their growth and enabling them to contribute effectively to the national economy.
“Today, we are reaching an important milestone, one that goes beyond our institutions and touches the very heart of development. Because what we are celebrating here is not limited to an agreement between BOA Congo and IFC, it actually concerns those who drive the Congolese economy. This includes entrepreneurs, small businesses, artisans and women who are starting businesses, innovating and transforming their communities,” said the World Bank Resident Representative in Congo, Alexandra Célestin.
The project is expected to create between 800 and 1,300 new jobs in the country over the next five years, a significant contribution to improving livelihoods and local prosperity. At least 10% of this funding will be invested in businesses owned or managed by women.
Expressing his gratitude to the Congolese authorities, BOA’s Central Africa director, Mamadou Igor Diarra, indicated that the funds released within the framework of this partnership will be used wisely.
“ This partnership is a message of confidence from the World Bank Group, a leading international partner with the strength, governance, and strategy of the BOA Group. We welcome this confidence with great humility but also with a profound sense of responsibility. Every fund mobilized through this partnership will be invested wisely in the sole interest of the Congolese economy and the development of the national private sector. This moment symbolizes the vision of an international development banking institution committed to a more inclusive world and that of an African bank focused on the future and the economic progress of the continent in general, and of Congo in particular ,” he emphasized.
For the Minister of SMEs, this agreement marks a decisive step for the development of Congolese small and medium-sized enterprises. She expressed her sincere gratitude to the two financial partners.
“ I thank the World Bank and BOA for responding positively to the President of the Republic’s request. This agreement is the result of all the efforts the government has made to create an environment conducive to the development of our SMEs. I express my gratitude to the Managing Director of BOA Central Africa, who is the first of all financial institutions in Congo to respond positively to our request and to establish an agency dedicated to SMEs within his structure, ” emphasized Jacqueline Lydia Mikolo.
This agreement was concluded in the presence of the UNDP representative in Congo, Adama Dian Barry, representatives of Congolese employers and the Professional Association of Credit Institutions (APEC).
