AGF and Societe Generale boost support for SMEs in Cameroon, Congo, Madagascar and Chad

African Guarantee Fund and Société Générale have signed four new portfolio guarantee agreements through Société Générale subsidiaries: Société Générale Cameroon, Société Générale Madagascar, Société Générale Congo and Société Générale Chad.

With an initial partnership that commenced in 2019 via a framework agreement, Société Générale and African Guarantee Fund are now strengthening the risk-sharing mechanism that facilitates access to finance for Small and Medium Enterprises (SMEs) in Cameroon, Madagascar, Congo and Chad. Supporting SMEs is one of the four pillars of Société Générale Group’s Grow with Africa initiative, which aims to support the sustainable development of the African continent.

“This collaborative approach is crucial to us as it supports sustainable development in Africa. As Société Générale Group, we are indeed convinced of the need to act collectively, with the territories, local partners and international experts in order to accelerate the positive transformations of the economies in which we operate. These four new agreements should have a concrete impact on Cameroon, Congo, Madagascar and Chad,” said Mareme Mbaye Ndiaye, Société Générale Group Regional Director for Central and Eastern Africa.

Commenting on the new engagement, Jules Ngankam, African Guarantee Fund’s Group Chief Executive Officer, said: “African Guarantee Fund is pleased to strengthen our partnership with Société Générale Group’s subsidiaries in Central and East Africa, and particularly in view of the vast impact this will have on Small and Medium-sized Enterprises, in terms of access to financing and job creation. These partnerships demonstrate the commitment of Société Générale and African Guarantee Fund towards Africa’s economic growth. In addition, the agreements signed today reinforces our commitment to women-led entrepreneurship and green financing.”

About Société Générale

Société Générale is one of the leading European financial services groups. Based on a diversified and integrated banking model, the Group combines financial strength and proven expertise in innovation with a strategy of sustainable growth. Committed to the positive transformations of the world’s societies and economies, Société Générale and its teams seek to build, day after day, together with its clients, a better and sustainable future through responsible and innovative financial solutions.

Active in the real economy for over 150 years, with a solid position in Europe and connected to the rest of the world, Société Générale has over 117,000 members of staff in 66 countries and supports on a daily basis 25 million individual clients, businesses and institutional investors around the world by offering a wide range of advisory services and tailored financial solutions. The Group is built on three complementary core businesses:

-French Retail Banking with the SG bank, resulting from the merger of the two Société Générale and Crédit du Nord networks, and Boursorama. Each offers a full range of financial services with omnichannel products at the cutting edge of digital innovation;

-International Retail Banking, Insurance and Financial Services, with networks in Africa, Central and Eastern Europe and specialised businesses that are leaders in their markets;

-Global Banking and Investor Solutions, which offers recognised expertise, key international locations and integrated solutions.

Société Générale is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

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