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BANK CREDIT : IFC Grants 2 billion FCFA to Express Union

The International Finance Corporation (IFC), the secular arm of the World Bank in terms of private sector financing, has agreed to a loan of 1.9 billion FCFA (about $ 3 million) for the benefit of Express Union Finance in Chad. Cameroonian billionaire Albert Kouinche looks forward to support the development of Small and Medium Size Enterprises in the beneficiary country.

According to the loan file, Express Union intends to use this financing to strengthen its grip on the Chadian microfinance market where it has been present since 2007 and operates through 38 branches. Its subsidiary Express Union Chad, beneficiary of the envelope, will work to increase its financing capacity with small local companies.

« One of the priorities of Express Union Tchad’s 2023/2026 strategic development plan is the development of financial intermediation. This loan will therefore enable Express Union Tchad to strengthen its financial capacity to meet the financing needs of micro, small and medium-sized enterprises (MSMEs) and low-income households, to boost job creation and accelerate financial inclusion », said Dongmo Djumazong Ebenezer, Express Union’s General Manager.

With a maturity of 3 years, this loan was granted as part of the IFC’s COVID Base of Pyramid (BOP) facility launched in 2021 to help financial service providers grant loans to small businesses following the Covid-19 pandemic. The financial package of the operation indicates that 625 million FCFA were mobilized from own funds by the IFC and the rest obtained from other lenders. The financing agreement is slated to be formalized in the coming months, we learn from the institution.

This loan is the second provided by the IMF to Albert Kouinche in one year. In July 2022, the business mogul, through Société Camerounaise d’équipement (SCE), one of his other companies, secured a CFAF2 billion loan. The funds made available to this financial institution were to boost the financing of Cameroonian SMEs through leasing.

Sorelle Ninguem

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