1. Supporting companies and individuals in low- to intermediate- income countries.
African subsidiaries actively contribute to the economy of their respective countries, fully endorse their social and environmental responsibilities, and undertake progressive initiatives on behalf of their communities and the local economy. The bank provides jobs, supports the creation and development of companies and backs local authority projects, reinforcing its image as a citizen bank, and continues to adapt its range of products and services to the level of maturity of each market by offering, innovative solutions to help under banked populations, which applies to most of sub-Saharan Africa.
2. Supporting the creation of companies and SME’s
Numerous economic development support initiatives illustrate the bank’s commitment.
- In Morocco for example, Societe Generale Maroc has a partnership with “Réseau Maroc Entreprendre” for the purposes of granting loans on trust to founders of very small and medium-sized businesses. In 2014 a new agreement was signed with the association, which again provided it with a financial envelope of MAD 1 million (EUR 91,600) interest-free. The impact of this support is expected to be even more significant in 2015 following the opening of several regional offices (Rabat, Agadir, Marrakesh, etc.).
Close relationships already exist with the French Development Agency and Proparco, its subsidiary dedicated to the private sector, relationships which are concentrated in African countries. Furthermore, a dynamic credit guarantee partnership has been implemented between AFD and SG African subsidiaries.
- In November, Societe Generale Benin signed a Mesofinance Support Programme agreement, an aid plan for mesofinance coordinated by the French Development Agency (AFD) and financed from funds of the European Union. Thanks to this financialsupport from its partner SGB will be able to further facilitate access to financing and credit for micro-enterprises and SMEs in Benin, thereby helping these businesses to not only develop but also to exit the “informal” market;
- By receiving further financial assistance of EUR 20 million from the EIB (European Investment Bank) enabling it to offer a new loans programme to local entrepreneurs, Societe Generale Ghana is reaffirming its commitment to the development of local SMEs in the private sector, thanks to the support of its many partnerships with various international financial institutions;
- Proparco, a subsidiary of the French Development Agency, has signed an agreement for EUR 12.5 million with Societe Generale Chad (SGT) in addition to a new USD 20 million credit line signed with Ghana pledging to allocate USD 10 million to the agricultural sector. These credit lines make it possible to meet the growing demand of SMEs for financing for loans and projects and also make it possible to support economic activity and jobs in these countries.
3. Financial Education Approach
A large number of initiatives are being put in place.
In Morocco SGMA is participating in a global banking access and financial education programme: banking institutions have made a concerted effort to initiate various actions to familiarize an uninformed public – especially young people – with some basic financial concepts.
Other initiatives are also being rolled out in Benin, Senegal, etc.