AfDB SME Program: Enhancing Inclusive Growth and Job Creation in Burkina Faso
The African Development Bank Group (AfDB) and Fidelis Finance signed on 30 July 2015 a loan agreement for the equivalent of EUR 2.5 million under the Africa SME Program on July 30, 2015 to support SMEs in Burkina Faso.
Fidelis Finance S.A. is one of the Burkina Faso’s fastest-growing leasing companies with a strong focus on SMEs. Fidelis Finance offers a wide range of products including operating lease, finance lease, factoring, medium-term loans and short-term credits for SMEs in Burkina Faso. The Line of Credit (LOC) with an amount of EUR 2.5 million will support SME projects in economic sectors such as trade, retail, transport and construction etc.
The Africa Small and Medium Enterprises (SME) Program was approved by the AfDB’s Board of Directors in July 2013. It is a four-year program with US $125 million. Under this program, US $3.98 million technical assistance package was granted by the Fund for African Private Sector Assistance (FAPA) under EPSA (Enhanced Private Sector Assistance for Africa) initiative, which aims to supporting micro, small and medium enterprises (MSMEs) in Africa. The Africa SME Program will provide not only the necessary longer term finance, but also a technical assistance package to address a number of constraints faced by approximately 25 target financial institutions and their SME clients across Africa.