Share this page

This operation between AFD Group (Proparco) and Banque pour le Commerce et l’Industrie – Mer Rouge (BCIMR) consists in granting a 1.5 million euro ARIZ TPE guarantee. This operation is part of the “Resilience” component of the Choose Africa initiative which aims to support start-ups, VSEs and SMEs

The Banque pour le Commerce et l’Industrie – Mer Rouge (BCIMR) is a subsidiary of the French bank BRED Banque. BCIMR is one of the leading banks in the Republic of Djibouti and actively participates in the financing of public infrastructure. Today, BCIMR reinforces its willingness to participate more in the inclusive development of the Djiboutian economy and concretizes this strategy by equipping itself to meet the needs of smaller companies.

Thanks to the granting of this 1.5 million euro ARIZ VSE guarantee, BCIMR will be able to increase its presence in the SME/VSE segment, which is still marginal in its activity.  ARIZ is an AFD Group risk-sharing mechanism: the guarantee granted today by Proparco will enable BCIMR to offer loans to Djibouti’s small and medium-sized enterprises by sharing the risk with AFD Group.

This loan offer, 75% guaranteed by AFD Group, is part of the new “Resilience” component of the French Choose Africa initiative and was made possible thanks to the support of the French government. Launched in November 2020 in response to the economic crisis caused by the Covid-19 pandemic, this €1 billion Resilience component brings the Choose Africa initiative to €3.5 billion to support start-ups, VSEs and SMEs in Africa. To date, more than 2.5 billion euros have already been deployed by AFD Group in the framework of Choose Africa to the benefit of more than 26 000 VSEs and SMEs.

“Proparco is delighted to continue its collaboration with the BRED Banque Populaire Group in general (in Africa, South East Asia and the Pacific) and with the Banque pour le Commerce et l’Industrie – Mer Rouge (BCIMR) in particular. We are very grateful to BCIMR, a long-standing partner, for joining the Choose Africa Resilience initiative, which aims to better serve Djibouti’s MSEs in the context of the pandemic, while contributing to financial inclusion in the country,” said Xavier Echasseriau, Deputy Head of Proparco’s Banking and Financial Markets Division.