Banque Atlantique, a subsidiary of the pan-African financial group Banque Centrale Populaire (BCP), is ramping up support for businesses in Senegal by granting over XOF 13 billion (around €20 million) to a range of Senegalese companies, in partnership with the EIB and the European Union.
The financing operation is targeting strategic sectors like IT, agri-food, healthcare and others, spurring local economic activity.
The operation is part of a larger arrangement: In September 2023, a financing agreement for €65 million was concluded between Atlantic Business International (ABI) and the European Investment Bank (EIB) to support small and medium-sized enterprises (SMEs) and mid-cap companies in Senegal, Côte d'Ivoire and Burkina Faso, through the Banque Atlantique network.
A sizeable share of this financing – around 40% – is reserved for projects run by women, in accordance with the OECD's 2X Challenge aiming to promote their active economic participation. This initiative also serves youth employment objectives, and highlights the importance of youth and women’s entrepreneurship for the fabric of local economies.
At the signing ceremony, General Director of Banque Atlantique Senegal Abdelmoumen Najoua stated, “This initiative is a confirmation of our group’s efforts to actively support African entrepreneurs, especially in Senegal. The partnership with the EIB and the European Union will allow SMEs and mid-caps to unlock their potential, promoting sustainable and inclusive economic growth and social development.”
“This partnership with Banque Atlantique Senegal is a reflection of our desire to support African businesses by providing tailored financing solutions that meet their specific needs,” said EIB Vice-President Ambroise Fayolle. He added, “These companies are a real vector for growth and employment, especially for youth and women. That’s why we – with EIB Global, our development branch – are increasing support for the private sector and project promoters in Senegal, and throughout the region.”
“As a long-standing strategic partner of Senegal, and in an international context marked by multiple instability factors, the European Union is continuing to support the country as it overcomes structural challenges, especially around youth and women’s employment – an objective that the government of Senegal has made a priority,” explained EU Ambassador to Senegal Jean-Marc Pisani. “Achieving these objectives calls for continuous improvement of the business environment, including access to credit, which is an essential factor and critical for keeping firms competitive, in order to create a virtuous investment dynamic. All this is aligned with the Global Gateway strategy to support key sectors that are sustainable drivers of inclusive economic growth,” he added.
Background information
About the European Investment Bank
The EIB is the lending institution of the European Union, owned by the Member States. It provides long-term financing for sound investment projects to achieve EU policy objectives.
The EIB has been a strong partner for African countries for 60 years. Through EIB Global, the Bank is strengthening its presence in Africa. Over the last five years, the EIB has invested €12 billion in Africa – 25% of which went to West Africa – with the goal of financing projects in key areas for African countries such as clean energy, water and sanitation, sustainable transport, affordable housing, healthcare and support for the private sector and project promoters.
EIB Global is the EIB Group's specialised arm devoted to increasing the impact of international partnerships and development finance. It is designed to foster strong, focused partnerships within Team Europe, alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to local people, companies and institutions through its offices around the world.
About Atlantic Business International
ABI is the holding company for the West African Economic and Monetary Union (UEMOA) zone of the BCP Group. As a financial holding company present in all eight UEMOA countries and in Guinea, ABI plays a key role in the region through its commercial banks (Banque Atlantique, BIA Niger and BPMG), its insurance companies (Atlantique Assurances Vie and IARD in Côte d'Ivoire, and GTA Vie and IARD in Togo) and its specialised subsidiaries (Atlantique Finance and Atlantic Asset Management). ABI is the UEMOA's third-largest group by credit market share.
About Banque Atlantique
Banque Atlantique, a subsidiary of the BCP Group, is a major player in the UEMOA, with a presence in all eight member countries: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. Banque Atlantique also leverages the group’s specialised subsidiaries, including in investment banking (Atlantique Finance), asset management (Atlantic Asset Management) and insurance (Atlantique Assurances and Atlantique Assurance Vie in Côte d'Ivoire, and GTA Assurances and GTA Assurances Vie in Togo), consolidating its expertise in diversified financial services.
About the European Union’s priorities in Senegal
The European Union’s priorities in Senegal are based on several strategic pillars, with the goal of supporting sustainable development and stability in the country. The European Union aims to contribute to stability, prosperity and well-being in Senegal. By making major green investments, it is focusing its efforts on inclusive and sustainable economic development, while also strengthening key sectors like agriculture, energy, the pharmaceutical sector, urban mobility, the digital sector, and water and wastewater, as well as professional training, entrepreneurship and job creation, particularly for young people and women. It places special importance on promoting good governance, the rule of law and human rights. This is in line with and implements the Global Gateway strategy launched in 2021 with the goal of forming sustainable and reliable connections to benefit people and planet. This EU strategy aims to develop smart, clean and secure links in the digital, energy and transport sectors, and to strengthen health, education and research systems across the whole world.
With the new Neighbourhood, Development and International Cooperation Instrument, also known as Global Europe, Team Europe – the European Union, its Member States (including their implementing agencies and public development banks) and the EIB – are mobilising the private sector to promote local added value, sustainable growth and job creation. In identifying, co-financing and carrying out concrete projects, the private sector plays a key role in operationalising this strategy on the ground.