The Ministry of Economy and Finance announces the effectiveness of emergency financing measures for corporate treasury and the moratorium on their bank loan terms, promised by President Ali Bongo during his address to the nation on the 3rd April 2020.
The emergency financing system for the treasury of small and medium-sized enterprises as well as those of very small Gabonese enterprises and industries, faced with the fall in their income following the Covid-19 crisis, is effective. The announcement was made by the Minister of Economy and Finance, Jean-Marie Ogandaga, on April 22, 2020.
Granted at a subsidized rate capped at 5.5% and mainly covering costs linked to salaries, rents, water and electricity, these loans are only granted to SMEs and very small companies up to date with their fiscal and social obligations.
“To get the credit, the business has to get closer to their usual bank. If it meets the eligibility criteria, it obtains a pre-agreement from the bank. The file is then sent by the latter to the Ministry of Economy and Finance to request the subsidized rate. An individual act of the Minister of Economy and Finance authorizing the subsidized rate is delivered to the company “, says the press release from the Ministry of Economy and Finance, ensuring that credit is granted to it on presentation to the bank of the act signed by the minister.
Likewise, exceptionally, large companies may also be eligible for this system with the express agreement of the Minister of Economy and Finance. Regarding the moratorium on bank credit maturities, companies of all sizes can be eligible. To do this, they must send a request to their bank to request a moratorium of three months maximum. After verifying the eligibility criteria, the bank grants them the moratorium.
