BOAD provides XOF13 billion support to two banks in Mali

Bamako, 27 July 2015. Banque Malienne de Solidarité (BMS) and Banque Sahélo-Saharienne pour l’Investissement et le Commerce-Mali (BSIC-Mali) have received from BOAD a refinancing facility of XOF6.5 billion each. The agreements concerning these operations were signed by and between Messrs. Christian Adovelande, BOAD President, Babaly Ba, BMS Chairman and CEO, and Annour Mahamat Hassan, Managing Director of BSIC-Mali. The ceremony was attended by Mr. Mamadou Igor Diarra, Minister of Economy and Finance of Mali.

Both operations fall within a programme initiated by BOAD and KfW, a German credit institution, to support small and medium scale enterprises in the WAEMU region. The aim is to improve access to finance for these enterprises through the banking sector.

The agreement signed between BOAD and BMS is the third in a series. The previous two refinancing facilities in a total amount of XOF7 billion, made it possible to refinance about twenty projects in the areas of building and civil engineering, trade, transports, agriculture, livestock, industries, hydrocarbons and education.

As to the agreement signed with BSIC-Mali, this is the first operation ever concluded by BOAD with this bank. Resources made available in this connection will be used to finance productive investment projects.

These refinancing facilities bring to XOF113.586 billion, the total amount made available by BOAD to the private sector in Mali.

“The support provided by BOAD to both banks reflects our institution’s interest in financing SMEs, which are the basis of the economic fabric of our countries. As such, they represent a powerful driving force in creating jobs and wealth.” Mr. Adovelande said. As part of the 2015-2016 strategic plan, BOAD intends to increase its support to SMEs through refinancing facilities extended to national financial institutions.

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