After an ARIZ TPE MINKA portfolio guarantee granted in April 2019, Proparco is renewing its support to Advans Cameroun with a €2 million guarantee as part of AFD Group’s Choose Africa Resilience initiative. This guarantee will enable Advans Cameroun to support micro-entrepreneurs impacted by the Covid-19 crisis.
The Covid-19 crisis is having a particular impact on micro, small and medium-sized enterprises (MSMEs). These entities dominate the Cameroonian private sector and represent a large part of the country’s economic activity and employment. MSMEs, which link the formal and informal sectors, are particularly vulnerable in the current context.
Advans Cameroun belongs to the international network of Advans microfinance institutions that AFD Group has been supporting for many years. Advans Cameroun offers sustainable access to financial services adapted to the needs of entrepreneurs, traders and craftsmen in Cameroon. Its professional clientele is made up of micro-entrepreneurs and SMEs. Through its action, it contributes significantly to the development of financial inclusion in urban and rural areas.
The €2 million guarantee granted by Proparco to Advans Cameroun will thus make it possible to cover the urgent liquidity needs of Cameroonian microenterprises. This guarantee was made possible thanks to the resources made available to AFD Group by the French Government in the framework of the Choose Africa Resilience initiative. This initiative aims to support MSMEs impacted by the Covid-19 crisis on the African continent.
The guarantee granted today by Proparco will be:
- Supporting and accompanying clients in their growth dynamics. Approximately 60 people or microenterprises will have access to microfinance products and services.
- Creating jobs. The guaranteed loans will support the creation or retention of nearly 180 jobs in the country.
- Contributing to SDGs #1 (Eradicate poverty in all its forms everywhere), #8 (Decent work and economic growth) and #10 (Reduced inequality).