Société de Garantie du Gabon (SGG) and l’Épargne et Développement du Gabon (EDG) sign a portfolio guarantee agreement to support Gabonese SMEs
Libreville, Gabon, Friday, May 12, 2023 - Société de Garantie du Gabon (SGG) and l’Épargne et Développement du Gabon (EDG) have signed a portfolio guarantee agreement, an effective tool for sharing credit risks for Gabonese Small and Medium Enterprises (SMEs). Initiated by the Gabonese Strategic Investment Fund (FGIS) and under the impetus of the highest authorities of the state, the agreement provides for the allocation of an amount of 300,000,000 (three hundred million) CFA francs over a period of 3 (three) years to EDG, with the objective of:
· Sharing counterparty risk;
· Benefiting from favorable weighting on the portion of financing covered by the guarantee;
· Increasing the volume of credits granted to SMEs.
L’Épargne et Développement du Gabon (EDG), a COBAC-approved microfinance institution, stands as a microfinance institution serving the unbanked. It was created with the aim of bringing excluded populations closer to the traditional banking system by providing accessible financial services to economically disadvantaged populations and economic actors. The organization seeks to create a conducive framework for all social strata by guaranteeing easier access to credit and empowering young people through their activities.
According to Mr. Alban ETHO, CEO of Société de Garantie du Gabon : "Our shared momentum will be deployed throughout the country, aiming to further strengthen the Gabonese entrepreneurial ecosystem. This will stimulate our economy by ensuring the inclusion of all potential actors, regardless of their origin or social status."
According to Mr. Jean Robert OBIANG OBIANG, CEO of Épargne et Développement du Gabon : "This partnership aligns with our activities. Through our network, we will make this fund available to all Gabonese SMEs spread across the entire national territory. With our experience in managing the ONE-Entreprendre fund and the RSE COMILOG funds, we have financing mechanisms that best meet the various types of requests from these companies. Therefore, we can guarantee that this partnership will contribute to the economic development of our country."
this microfinance institution
The quality of the guarantee provided to this microfinance institutions is reinforced by the SGG's compliance with COBAC's prudential standards, which the SGG benefits from, as well as the technical expertise provided by the African Guarantee Fund (AGF), a pan-African reference actor.
ABOUT SGG
Société de Garantie du Gabon (SGG) offers local financial institutions loan guarantee solutions for SMEs in the form of portfolio guarantees and individual guarantees. Its mission is to increase the capacity of financial institutions to finance SMEs in Gabon, helping them play their role in economic growth and job creation. Furthermore, it provides tailored technical assistance through capacity-building programs for partner banks and SMEs benefiting from the guarantees. For more information: LinkedIn.
ABOUT EDG
Épargne et Développement du Gabon (EDG) is a second-category microfinance institution approved by COBAC under the number MECIT/COBAC N°:186/CI/11/ CNC dated December 13, 2011. The institution is organized as a joint-stock company (SA) with a board of directors. With over ten (10) years of operation, it has 24 points of sale, including ten (10)branches and fourteen (14) service points distributed in the main cities of the nine (9) provinces of Gabon, serving a portfolio of 54,489 clients to date. For more information: Facebook.
ABOUT GABONESE STRATEGIC INVESTMENT FUND (FGIS)
The Gabonese Strategic Investment Fund (FGIS) is the exclusive manager of the Gabonese Republic Sovereign Fund (FSRG) and the unallocated holdings of the Gabonese state portfolio. The Fund invests to achieve shared prosperity for the Gabonese population and future generations. The Fund operates in three strategic sectors: infrastructure financing, SME support, and support for social sectors. The FGIS also acts as the exclusive manager responsible for the commercialization of carbon credits owned by the Gabonese Republic as part of the fight against climate change. For more information: www.fgis-gabon.com /LinkedIn and Twitter.
PRESS CONTACTS
Aunel Loumba
Communication and Public Relations Manager
+241 076 29 25 12
aloumba@fgis-gabon.com