Proparco partners with BNI Madagascar bank to support growth and development strategy
Proparco is partnering with BNI Madagascar bank to strengthen its equity capital and support its growth strategy. Proparco will provide BNI with a €10 million subordinated loan that will enable the bank to pursue its commitment to financial inclusion. As the leading banking network in Madagascar, BNI is present in remote areas and meets the needs of the population throughout the country.
BNI Madagascar, supported by its shareholders, the Mauritian CIEL Group, AXIAN GROUP, and the Malagasy government, is consolidating its position as a partner in sustainable development in Madagascar.
''Proparco is very pleased to strengthen its support to BNI Madagascar, a leading institution for the development of the Big Island and a key partner of AFD Group with which it shares ambitious objectives for financing businesses, particularly SMEs, and projects contributing to the fight against climate change,'' said Emmanuel Haye, Deputy Head of the Financial Institutions and Inclusion team.
In a context of health crisis in Madagascar, BNI has remained the leading financier of the Malagasy economy. Banking institution committed to sustainable development, the 1st Malagasy bank is also a key player in the economy and an undeniable partner of the Plan Emergence Madagascar. For BNI Madagascar, already positioned as a "green bank", this partnership with Proparco is further proof of its commitment to responsible and sustainable development.
''This partnership with Proparco is excellent news for Madagascar. Thanks to this new financing, BNI is pursuing its policy of boosting the Malagasy economy by injecting additional funds.'' said Alexandre Mey, Managing Director of BNI Madagascar.