Congo-Brazzaville Secures Major 14.5 Billion CFA Franc Boost for Small Business Growth
In a significant move for economic development, the International Finance Corporation (IFC) has approved a substantial loan of 14.5 billion CFA francs to BOA-Congo. This landmark agreement represents the first financing provided to a Congolese financial institution since 2016 and is squarely aimed at fueling the growth of Small and Medium Enterprises (SMEs) across the nation.
A Milestone for Congolese Entrepreneurs and Economic Development
What does this injection of capital mean for the local economy? According to Alexandra Célestin, the World Bank’s Resident Representative in Congo, the impact extends far beyond a simple financial transaction. “Today, we are reaching an important milestone, a milestone that goes beyond our institutions and touches the very heart of development,” she stated. “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 undertake, innovate, and transform their communities.”
Projected Job Creation and Focus on Women-Led Businesses
The initiative is projected to be a powerful engine for job creation, with estimates suggesting it will generate between 800 and 1,300 new jobs in the country over the next five years. This is a substantial contribution to improving livelihoods and fostering local prosperity. In a dedicated push for inclusivity, at least 10% of the total funding has been earmarked specifically for businesses owned or led by women, addressing a critical gap in financial access.
A Vote of Confidence and a Pledge of Responsibility
Mamadou Igor Diarra, the Central Africa Director for BOA, expressed profound gratitude towards the Congolese authorities. He characterized the partnership as a strong “vote of confidence” from the World Bank Group in the BOA Group’s strength, governance, and long-term strategy.
“We accept this trust with great humility but also with a deep sense of responsibility,” Diarra emphasized. “Every fund mobilized through this partnership will be invested wisely for the exclusive benefit 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 Congo in particular.”
Government Hails a Decisive Step for SME Emergence
For the government, this agreement is a cornerstone of its economic policy. Jacqueline Lydia Mikolo, the Minister of SMEs, described it as a “decisive step for the emergence of Congolese Small and Medium Enterprises.” She extended her full appreciation to the financial partners for their responsiveness.
“I thank the World Bank and BOA for having responded positively to the request of the President of the Republic,” Minister Mikolo said. “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 Director General of BOA Central Africa, who is the first among all financial institutions in Congo to respond positively to our request and to establish within his structure an agency dedicated to SMEs.”
The signing ceremony was conducted in the presence of key stakeholders, including the UNDP Representative in Congo, Adama Dian Barry, as well as representatives from the Congolese employers’ association and the Professional Association of Credit Institutions (APEC), underscoring the broad-based support for this initiative.
Full credit to the original publisher: ADIAC-Congo – https://www.adiac-congo.com/content/congo-brazzaville-un-accord-de-plus-de-14-milliards-fcfa-pour-soutenir-les-pme-167937