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2008

SME GEM Senegal : women-owned Micro, Small and Medium Enterprises (MSMEs)

Senegal

Titre : SME GEM Senegal : women-owned Micro, Small and Medium Enterprises (MSMEs)

Pays : Senegal
Localisation : The loans will be made to women-owned MSMEs in Senegal.

Planned Start Date : 2008-06-26

Identifiant IATI : XM-DAC-903-SPI-27226

Présentation
This project involves a Risk Sharing Facility (RSF) in the local currency equivalent of $2 million ($4 million portfolio size). The RSF will apply to a portfolio of new loans to be extended to women- owned Micro, Small and Medium Enterprises (MSMEs) by Ecobank Senegal (EBS or the Bank), the bank selected for this RSF. The RSF will cover up to 50% of the credit risk of the Bank’s portfolio of new loans to women-owned MSMEs (the Borrowers). The Bank will share all losses on a 50-50 basis with the IFC.

In addition to the guarantee, the project envisages two Advisory Services (AS) components : - AS to the bank, with the objective of better servicing women-owned MSMEs sector ; and - AS to women-owned MSMEs, which aims to bridge the gap between these potential borrowers and the bank by providing some financial and management training to women-owned MSMEs.

This combined investment and AS program presents a unique opportunity for IFC to provide practical interventions both at the institutional and firm levels. The program will help increase the capacity of EBS to outreach to women entrepreneurs, while at the same time providing businesswomen with much needed financial literacy and management skills. This will enhance their ability to access and properly use commercial bank finance.

Objectifs
The project is expected to have a high impact through a direct contribution to private sector development by :
* - enabling women entrepreneurs to create jobs that are more likely to employ other women and contribute additional income to address household poverty reduction and pay schooling for children ;
* improving and increasing access to finance for women owned businesses, an underserved sector in Senegal ;
* the AS will assist women in developing a savings culture and provide training on business skills on how to access credit for those who want to borrow. A further and longer term benefit could be reduced costs for private sector as competition among banks intensifies. Consistent with IFCs objective of supporting sustainable private sector development, this RSF will also have a high development impact in line with the Government of Senegal (GOS)s objective of accelerating poverty reduction by contributing to sustainable and equitable economic growth and it will :
* Create a demonstration effect within the banking sector concerning the sustainability and the profitability of lending to women-owned MSMEs ; and
* Promote the competitiveness of selected industries, including enhancing linkages and know-how transfer between large businesses and women-owned MSMEs.

International Finance Corporation

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Page publiée le 14 août 2022