Startups and small businesses in Cameroon have a new funding opportunity to tap from. Proparco, a subsidiary of French Agency for Development dedicated to the private sector, has announced the signing of a partnership with the Cameroon subsidiary of the French banking group, Société Générale, to guarantee loans granted by this bank to Cameroonian startups, SMEs and SMIs affected by the Covid-19 pandemic.
“The deployment of this exceptional guarantee, a new tool implemented as part of the resilience component of Choose Africa, will allow us to expand our action with small and medium-sized Cameroonian companies, in particular those which are severely affected by the current crisis. We are happy to be able to count on a partner such as Société Générale to meet the needs of these companies and preserve their ability to create jobs “said Audrey Maignan, Proparco’s regional director for Central Africa.
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Here Is What You Need To Know
- The guarantee made available to Societe Generale Cameroon, will allow local startups, SMEs and SMIs to benefit from financing, enabling them to recover from the global health crisis. The amount of the guarantee is 5 million euros ($5.5m), or a little over 3 billion FCFA.
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