- Chad’s Minister of Economy attended the launch of this project, which will benefit hundreds of SMEs operating in key sectors of the local economy;
- This credit line will support investments or working capital requirements under more flexible disbursement terms.
Société Générale and the European Investment Bank (EIB) today announced the signature of a partnership for the development of Chad's economy. This maiden EIB direct financing operation in Chad will back the private sector as part of the EIB’s broader support for the development of SMEs aimed at strengthening their resilience to economic, social and health challenges, in particular the COVID-19 pandemic.
This initiative was launched officially at a ceremony held in N‘Djamena attended by Issa DOUBRAGNE, Chad’s Minister of Economy and Development Planning, Magloire N’GUESSAN, CEO of Société Générale Chad, Nikolaos MILIANITIS, Head of the EIB Representation in Central Africa, and Zissimos VERGOS, Chargé d’Affaires ad interim of the European Union Delegation to Chad.
“Chad welcomes this important pioneering operation and the strong support provided by Société Générale and the European Investment Bank for these efforts to develop Chad and the private sector. This new credit line will promote investment and support employment in the private sector throughout Chad in response to the global economic recession resulting from the global crisis”, said Minister Issa DOUBRAGNE.
“Efforts to combat COVID-19 can only bear fruit in the long term as part of a comprehensive approach. Africa and Europe have chosen to join forces to tackle the consequences of this pandemic, in particular through increased support for the private sector, which is one of the areas worst affected by this health crisis. The agreement entered into today between Société Générale and the European Investment Bank therefore falls within this framework. Team Europe (European Union and its Member States) hopes that this envelope of nearly CFAF 6.5 billion (€10 million) allocated to the project will help Chadian businesses to revive their activities", stated Zissimos VERGOS, Chargé d’Affaires ad interim of the European Union Delegation to Chad.
The envelope of nearly CFAF 6.5 billion held by Société Générale Chad will boost working capital, increase support for investment projects and provide for more flexible disbursement conditions to take into account the acute and sudden challenges facing African businesses.
“Since the launch in 2017 of its Grow with Africa strategic plan, Société Générale has redoubled its efforts to support the sustainable and robust development of SMEs in Africa. A privileged partner of the local entrepreneurial fabric, Société Générale Chad gives substance on a daily basis to this goal of financing the economy. This joint commitment with the EIB will serve to increase the financing capacity of small and medium-sized enterprises and will facilitate the country’s economic growth", said Magloire N'GUESSAN, CEO of Société Générale Chad.
“The new scheme will enable local businesses to tackle the consequences of COVID-19 and continue to invest and create jobs. This new targeted aid supporting private sector investments brings together the technical expertise and in-depth knowledge of local business needs of two international partners committed to promoting transformational investments across Africa. Once again, Team Europe is providing a quick and effective response to the challenges posed by COVID-19 in cooperation with a leading global partner", said Ambroise FAYOLLE, Vice-President of the European Investment Bank.
Chadian companies in the manufacturing, trade, agriculture, tourism and transport sectors will benefit from this new collaboration between Société Générale and the EIB. A comparable facility has already been set up by the two institutions in Benin and Cameroon. Further facilities are being established in other African countries and will be announced in the coming days.
About Société Générale
Société Générale is one of the largest financial services groups in Europe. Building on a diversified and integrated model, the Group combines financial strength, innovation dynamics and a sustainable and responsible growth strategy. Committed to the positive transformation of companies and economies, Société Générale acts each day with its teams to build – in cooperation with its customers – a better and sustainable future by providing responsible and innovative financial solutions.
Playing a vital role in the real economy for over 150 years, well established in Europe and connected to the rest of the world, Société Générale has more than 138 000 employees in 62 countries and serves 29 million retail customers, businesses and institutional investors around the world on a daily basis, offering a wide range of advisory services and bespoke financial solutions in three complementary core businesses:
- retail banking in France with the Société Générale, Crédit du Nord and Boursorama branch network, offering a comprehensive range of omnichannel financial services at the leading edge of digital innovation;
- international retail banking, insurance and corporate financial services, with local networks in Africa, Russia, Central and Eastern Europe and market-leading specialised businesses;
- corporate and investment banking, with recognised expertise, top international rankings and integrated solutions.
Société Générale is included in the main sustainable development indices: DJSI (World and Europe), FTSE4Good (Global and Europe), Euronext Vigeo (World, Europe and Eurozone), four of the STOXX ESG Leaders indices, and the MSCI Low Carbon Leaders Index.
About Société Générale Chad
Société Générale Chad is the largest banking network in Chad and has been providing daily support since 1999 to its customers in carrying out their projects and local and international day-to-day operations. A recognised leader in relationship banking, Société Générale Chad can count on the multisectoral expertise of its 215 employees and a constantly evolving commercial offer to serve its 37 000 active customers in a responsible and dynamic way. Its financial strength, market knowledge and quality of service earned it the “Best Commercial Bank" award at the Global Banking & Finance Awards in 2018 and 2019.
With a positive Net Promoter Score in 2020, Société Générale Chad confirms its strategic interest in continuously improving customer satisfaction. Société Générale Chad is a pioneering, civic-minded company committed to the positive transformation of Chad’s economy in terms of supporting young businesses and the development of young and female entrepreneurship.