AfDB Offers $8mn Credit to Guinea’s Vista Bank to Boost Agricultural SMEs

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Sep 2019
Guinea, September, 27 2019 - This financial support should help support a dozen small and medium-sized enterprises microfinance institutions active in the agricultural value chain in Guinea.

The African Development Bank's Board of Directors have granted a line of credit of USD 8 million to the banking group Vista Bank in Guinea (Conakry).

This financial support should help support a dozen small and medium-sized enterprises microfinance institutions active in the agricultural value chain in Guinea. It is aimed primarily at women, who will benefit 60 percent of the resources of this line. Particular attention will therefore be paid to small and medium-sized enterprises in rural areas, operating in the agricultural, livestock and agro-pastoral processing sectors, as well as young agricultural entrepreneurs.

Over half of the resources in this line of credit are for microfinance institutions, partners of Vista Bank and will cover the needs of over 3,000 microprojects. Vista Bank will provide entrepreneurs with support in the form of advice, technical support, management and training to maximize the success rate of the operation.

The African Development Bank will also support Vista Bank in boosting the capacity of its agricultural credit officers, risk management, project management, environmental and social management systems, and management and reporting. development results.

The project is intended to contribute to the improvement of the living conditions of the Guinean populations. Deployment of resources in support of SMEs will enable SMEs to access long-term resources and to make investments that have been inaccessible until now, due to lack of adequate resources. The project should lead to improving the rate of industrialization of Guinea, thanks in particular to the creation of value chains through the local processing of agricultural products.



Source : Devdiscourse
 

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