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African Development Bank Group Approves Line of Credit to Fidelis Finance [Health & Beauty Close - Up](Health & Beauty Close - Up Via Acquire Media NewsEdge) The Board of Governors of the African Development Bank Group through its private sector window approved in June 2014 a EUR2.5 million line of credit to Fidelis Finance. According to a media release, the proposed LoC will support SME sub-projects and these are well-diversified spanning all economic sectors including manufacturing, commerce/trade, services, construction, agriculture and transport, etc. Economic benefits likely to accrue from the 70 to 100 SMEs to be financed under this facility and these SMEs currently have approximately 1,500 employees and are going to add 350 to 500 direct additional jobs during the project period. In addition, the sub-projects will contribute to Government revenues in the form of value-added, income and corporation taxes. Fidelis Finance is part the AfDB's Africa SME Program to develop and expand its SME financing activities and provide medium- to long- term financing options to local SMEs in Burkina Faso. Approved by the AfDB's Board of Directors in July 2013, the Africa Small and Medium Enterprises Program is a four-year, US $125- million funding program combined with a US $3.98-million technical assistance package granted by the Fund for African Private Sector Assistance, which aims to supporting micro, small and medium enterprises in Africa. SME Program will provide the necessary longer term finance and a technical assistance package to address a number of constraints faced by around 25 target financial institutions and their SME clients across Africa. ((Comments on this story may be sent to [email protected])) (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |