Atlantic Business International (ABI), a holding company owned by the Morocco-based Banque Centrale Populaire (BCP) Group, recently entered an agreement with the EU’s European Investment Bank (EIB) whereby EIB will fund half of EUR 130 million (USD 138 million) in funding to be distributed via ABI’s Banque Atlantique institutions in Burkina Faso, Côte d’Ivoire and Senegal. The funds are to be directed to small and medium-sized enterprises (SMEs) and mid-caps with the goal of “sustaining around 7,500 jobs.” Of the total, EUR 39 million (USD 41 million) is earmarked for firms owned by women and youth. EIB will complement the loan with technical assistance intended to improve ABI’s ability to meet the needs of female clients.
BCP International Managing Director Abdeslam Bennani commented, “As a true engine of economic growth and social development, we believe in the potential of SMEs and mid-sized firms, and their ability to contribute decisively to job creation…. Thus, this funding will strengthen our efforts to promote financial inclusion, youth and women’s leadership, and private sector development in sub-Saharan Africa.”
ABI’s subsidiaries include commercial banks and insurance firms, mainly in West Africa. As of 2021, the company reported total assets of CFA 4 trillion (USD 6.7 billion).
The BCP Group, whose subsidiaries provide services such as microfinance, conventional banking and insurance in 24 countries, reported 2022 income of MAD 22 billion (USD 2 billion) on a balance sheet of MAD 501 billion (USD 49 billion).
Established in 1958, EIB provides technical assistance, loans and financial guarantees in sectors such as climate mitigation and adaptation as well as financing SMEs. The institution approved EUR 72 billion (USD 77 billion) in new financing during 2022. EIB has 23 offices in the EU – including its headquarters in Luxembourg – and 32 in other countries.
By Renata Samadova, Research Associate
Sources and Additional Resources
ABI homepage
https://www.banqueatlantique.net
ABI 2021 annual report
https://www.banqueatlantique.net/wp-content/uploads/2023/04/RA-ABI-2021.pdf
BCP Group homepage
https://www.groupebcp.com
BCP Group financials
https://www.groupebcp.com/EN/financial-communication
EIB homepage
https://www.eib.org
Previous MicroCapital article on BCP Group
https://www.microcapital.org/microcapital-brief-banque-centrale-populaire-bcp-sowit-deliver-agritech-to-farmers-in-morocco/
Previous MicroCapital article on EIB
https://www.microcapital.org/microcapital-brief-eib-lending-22m-to-sahanala-to-boost-sustainable-fisheries-agricultural-value-chains-mechanization-of-farms-in-madagascar/
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