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Dakar, Senegal, February 26, 2014
—IFC, a member of the World Bank Group, launched a risk-sharing facility with Banque Internationale pour le Commerce et l’Industrie du Sénégal
that will improve access to finance for the agribusiness and trade sectors in Senegal. The facility will provide $20 million for up to three years to support the financing needs of firms in this sector through the IFC Global Warehouse Finance Program
.
IFC and BICIS will partner to provide borrowers with financing against the value of their produce, using a collateral management agreement.
“With support from IFC, we look forward to better supporting our clients involved in the production and trade of agricultural products in Senegal, providing them with financing to do more business,” said Pierre Beregovoy, Managing Director.
The program will enable the increased production of export commodities to spur trade and economic development in Senegal. It will also help boost the availability of critical cereals like corn, rice, and wheat to promote local food security.
Saran Kebet-Koulibaly, IFC Director for West and Central Africa, said: “IFC is committed to improving food security in Africa. Our support for BICIS will help food importers increase volume, and exporters of cash crops to support the livelihood of many small farmers in Senegal.”
IFC started the Global Warehouse Finance Program in 2010 to increase working-capital financing for farmers, traders, and exporters in emerging markets, by leveraging their own production. The program is expected to reach up to 241,000 farmers across emerging markets in all regions and contribute to food availability for 15 million people by 2015.
About BICIS
Created in 1962, the International Bank for Trade and Industry of Senegal (BICIS) is a limited company with a capital of 10 billion CFA Francs of which BNP Paribas, the Government of Senegal and private Senegalese are shareholders. It has a network of thirty-six branches and a Center dedicated to Corporate Clients. BICIS is one of the largest banks in Senegal and is part of the BNP Paribas Group which is present is fifteen (15) countries in Africa. It has developed and wide range of products and services to cater to the needs of its Retail and Professionals Clients, as well as its Corporate (Large Corporates and SME-SMI) and Institutional Clients.
BICIS has regular and sustained CSR (Corporate Social Responsibilities) activities in several areas: art and culture (e.g. Jazz Festival of Saint-Louis), health (e.g. fight against malaria), education, sport, etc.
About BNP Paribas
BNP Paribas (
www.bnpparibas.com
) has a presence in nearly 80 countries and 190,000 employees, including more than 145,000 in Europe. The Group holds a strong market position in its three (3) key business lines: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Europe, the Group has 4 domestic markets (Belgium, France, Italy and Luxemburg) and BNP Paris Personal Finance is the number one retail lender. BNP Paribas is also developing its integrated retail banking model in the
southern rim of the Mediterranean, in Turkey, Eastern Europe and an important network in the Western United States. In its
Corporate & Investment Banking and Investment Solutions activities, BNP Paribas enjoys a leadership position in Europe and strong presence in the Latin America as well as a sound framework and strong growth in Asia-Pacific.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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