ABSA Announces Its Partnership With Proparco To Support SMEs
ABSA Announces Its Partnership With Proparco To Support SMEs. South African bank ABSA has announced that it has partnered with Proparco in order to support SMEs that have been negatively affected by the Covid 19 pandemic.
Parin Gokaldas, Group Treasurer at Absa said in a statement, “The agreement further enables Absa to provide financial support to corporate SMEs, a vital component of the local economy, as it recovers from the impact of the Covid-19 pandemic. We are particularly pleased with the agreement as we view the relationship with Proparco, a significant development finance institution in Africa, as strategically important.” This partnership between Proparco and Absa consists of a $20 million loan, dedicated to finance Corporate SMEs operating in sectors impacted by the Covid-19 crisis: including construction, manufacturing, transport, tourism, wholesale, and retail.
Emmanuel Haye, deputy head of the Financial Institutions Debt Group at Proparco said in a statement, “This operation is fully in line with Proparco’s strategy to support the financial sector in its response to an unprecedented context of the crisis linked to the Covid-19 pandemic. We are delighted to start this partnership with Absa Bank, a key player with a strong pan-African presence and to be part of a much-needed counter-cyclical role.”
A subsidiary of the French Development Agency Group (AFD Group) dedicated to the private sector, Proparco has been working for more than 40 years to promote sustainable development in economic, social and environmental terms. Proparco participates in the financing and support of companies and financial institutions in Africa, Asia, Latin America and the Middle East. Its action focuses on key development sectors: infrastructure with a focus on renewable energies, agro-industry, financial institutions, health, education.
