African Development Bank (AfDB), a multilateral institution that provides loans and grants to governments and private companies in Africa, recently approved a credit line in the amount of EUR 13 million (USD 17 million) to Société Nigérienne de Banque (Sonibank), a commercial bank in Niger. The credit line is intended to improve access to long-term funding for the private sector in Niger [1]. Further information about the loan is unavailable.
According to the University of Pennsylvania’s Wharton Financial Institutions Center, Sonibank reported total assets of XOF 38.2 billion (USD 76.9 million) as of 2005. Further financial information is unavailable.
AfDB shareholders consist of 77 member countries, including 53 African countries to which it commits an approximate total of USD 3 billion annually.
By Jennifer Young, Research Associate
About Société Nigérienne de Banque (Sonibank)
Founded in 1990, Société Nigérienne de Banque (Sonibank) is a commercial bank based in Niamey, Niger. Its customers include micro- and small enterprises, utilities, construction and agriculture companies and NGOs. According to the University of Pennsylvania’s Wharton Financial Institutions Center, Sonibank reported total assets of XOF 38.2 billion (USD 76.9 million) as of 2005. For the same year, it was reported that Sonibank was 45-percent owned by Société Tunisiene de Banque, a Tunisia state-controlled bank. Further financial information is unavailable.
About African Development Bank (AfDB)
Established in 1964, the African Development Bank (AfDB) provides loans and grants to governments and private companies in Africa. Owned and funded by member governments, the bank has a mandate to reduce poverty and promote sustainable development. AfDB shareholders consist of 77 member countries, including 53 African countries to which it commits an approximate total of USD 3 billion annually. Donald Kaberuka serves as president of AfDB as of 2012.
Sources and Additional Resources
Making Microfinance Work for Africa Story, http://www.mfw4a.org/news/news-details/7/the-afdb-and-sonibank-join-forces-to-support-the-private-sector-in-niger/page-2.html
MicroCapital Story, June 5, 2013, “MICROCAPITAL BRIEF: UT Bank Ghana Receives $20m Credit Line from African Development Bank to Support Small, Medium-Sized Enterprises,” https://www.microcapital.org/microcapital-brief-ut-bank-ghana-receives-20m-credit-line-from-african-development-bank-to-support-small-medium-sized-enterprises/
MicroCapital Story, April 2, 2013, “MICROCAPITAL BRIEF: Muhammad Yunus Promotes Holistic Social Business Movement (HSBM) of African Development Bank (AfDB), Yunus Social Business,” https://www.microcapital.org/microcapital-brief-muhammad-yunus-promotes-holistic-social-business-movement-hsbm-of-african-development-bank-afdb-yunus-social-business/
MicroCapital Story, November 26, 2012, “MICROCAPITAL BRIEF: African Development Bank (AfDB) Microfinance Capacity Building Fund (MCBF) Offering up to $500k per Institution,” https://www.microcapital.org/microcapital-brief-african-development-bank-afdb-microfinance-capacity-building-fund-mcbf-offering-up-to-500k-per-institution/
MicroCapital Universe Profile: Société Nigérienne de Banque (Sonibank), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Société+Nigérienne+de+Banque+%28Sonibank%29
MicroCapital Universe Profile: African Development Bank Group, http://microcapital.org/microfinanceuniverse/tiki-index.php?page=African+Development+Bank++%28AfDB%29
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