Societe de Promotion et de Participation pour la Cooperation Economique SA (PROPARCO), a French public-private development finance institution, reportedly has signed a seven-year USD 10 million loan agreement with Societe Generale (SG) Ghana, a Ghanaian bank that is a subsidiary of the French-owned Groupe Societe Generale, for on-lending to small and medium-sized enterprises (SMEs) as well as larger corporations. Mr Claude Periou, CEO of PROPARCO, reportedly expressed hope that “the credit facility would increase the availability of long-term financial resources in the country and also enhance the financial depth of the banking sector.”
Financial information for SG Ghana is unavailable. As of year-end 2012, Groupe Societe Generale has operations in 85 countries and reported USD 1.65 trillion in total assets. In 2012, PROPARCO reported a loan portfolio of EUR 3.1 billion (USD 4.1 billion) disbursed to 63 projects in 60 countries.
By Charlotte Newman, Research Associate
About Societe Generale Ghana
Societe Generale (SG) Ghana is a Ghanaian banking subsidiary of French financial institution Groupe Societe Generale and has 45 branches throughout the country. The bank aims to serve consumers, small and medium-sized enterprises (SMEs) and large corporations. Financial information for SG Ghana is unavailable. As of year-end 2012, Groupe Société Générale has operations in 85 countries and reported USD 1.65 trillion in total assets.
About PROPARCO
Established in 1977, Société de Promotion et de Participation pour La Coopération Economique (PROPARCO – The Investment and Promotions Company for Economic Cooperation) is a development finance institution based in Paris, France, that is jointly held by private shareholders and the Agence Francaise de Developpement (AFD), an institution of the French government. PROPARCO’s mission is “to be a catalyst for private investment in developing countries which targets growth, sustainable development and reaching the United Nation’s Millennium Development Goals (MDGs).” In 2012, PROPARCO reported a loan portfolio of EUR 3.1 billion (USD 4.1 billion) disbursed to 63 projects in 60 countries.
Groupe Société Générale SA
Established in 1864, Societe Generale is a French financial institution specializing in retail banking, corporate and investment banking and investment management and services. As of year-end 2012, Société Générale has operations in 85 countries and reported USD 1.65 trillion in total assets.
Sources and Additional Resources:
Ventures Africa: “SG Ghana Secures $10m Credit Facility from PROPARCO,” http://www.ventures-africa.com/2013/06/sg-ghana-secures-10m-credit-facility-from-proparco/
MicroCapital.org story, June 25, 2013, “MICROCAPITAL BRIEF: AccessBank of Azerbaijan Receives $60m Syndicated Loan from FMO, OeEb, PROPARCO,” https://www.microcapital.org/microcapital-brief-accessbank-of-azerbaijan-receives-60m-syndicated-loan-from-fmo-oeeb-proparco/
MicroCapital.org story, June 4, 2013, “MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Loans $2.6m to Mobiasbanca – Groupe Societe Generale of Moldova for Residential Energy Efficiency,” https://www.microcapital.org/microcapital-brief-european-bank-for-reconstruction-and-development-ebrd-loans-2-6m-to-mobiasbanca-groupe-societe-generale-of-moldova-for-residential-energy-efficiency/
MicroCapital Universe Profile: Societe Generale Ghana
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Societe+Generale+Ghana
MicroCapital Universe Profile: PROPARCO
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=PROPARCO
MicroCapital Universe Profile: Groupe Societe Generale
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Groupe+Soci%C3%A9t%C3%A9+G%C3%A9n%C3%A9rale+SA
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