SG-SSB receives US$10m credit facility

Societe Generale Ghana, formerly SG-SSB has signed a credit facility agreement worth US$ 10 million with PROPARCO, a development finance institution which is a subsidiary of African Development Agency.

The Bank is expected to use the credit facility to support corporate and Small and Medium-scale Enterprise (SME) clients in various sectors of Ghana’s economy.

Gilbert Hie, Managing Director of Societe Generale Ghana, during the signing of the loan agreement, said the seven-year credit facility agreement with PROPARCO will allow the bank to meet the growing needs of clients, adding that “this is part of a bigger credit facility and other trenches that may be signed subsequently.”

He said, “It is our strong commitment to partner the Ghanaian businesses in the socio-economic development of this country and to provide the requisite funding for retail, corporate and SME sector of Ghana.”

Hie said as part of the company’s 10th-year anniversary, it would relocate to its new head office building off the Ring Road Central, Accra.

Chief Executive Officer, PROPARCO, Claude Periou, said SG-SSB, now Societe Generale, is a key player in the Ghana banking sector and has established itself as a strong partner for private sector.

“This renewed partnership will allow the bank to provide its customers with long-term resources required for expansion, restructuring and investments in new projects.”

He said the project will foster long-term investments in the country and support small and medium-scale enterprises.

Periou commended Ghana for making substantial progress over the last 10 years in developing and improving the banking system.

He said new regulations and guidelines have notably made the sector more efficient, innovative and profitable.

Frederic Clavier, French Ambassador to Ghana, commended SG-SSB for its involvement in the financing of companies, corporate or SMEs.

He said the partnership would help provide solutions to the various challenges.

PROPARCO is a private sector arm of the French Agency for Development, which is a French bilateral cooperation body and fully owned by the French Government.

PROPARCO’s mission is to provide long term financing to companies whose actions and investments have a sound impact on the local and regional development.

It has signed about 750 million Euros of financing either in debt, equity participations or other financial products.

PROPARCO has presence in over four continents and 60 countries. Over 50 percent of its annual commitment goes to sub-Saharan African countries.