Project General Description
The proposed project is an EUR 50 million loan to the Oragroup banking group to support private sector development and financial inclusion in Africa. With a maturity of 7 years (including 2 years of deferment), the line of credit will be distributed among three Oragroup subsidiaries, namely Orabank Côte d'Ivoire, Orabank Gabon, and Orabank Togo. It will thus ensure greater access to medium and long-term resources for small and medium-sized enterprises (SMEs) and large companies in the subsidiaries concerned. The LOC will be used mainly to finance long term projects of SMEs and some large companies especially in the energy, agro-food, health, construction, real estate, tourism, distribution and transport sectors.
Oragroup's ambition is to foster the financial inclusion of African populations through the promotion of digital banking and the development of a range of banking products and services in line with its users' needs. In this respect, the credit line will alleviate the difficulties faced by Oragroup in mobilising the necessary resources in the long term to realise the group's growth potential and to assist in its consolidation.
The main beneficiaries are Oragroup and its SME clients. A positive development impact is expected from this operation, notably through the creation of at least 1000 jobs; access to electricity for at least 100,000 households and SMEs located in rural areas through the financing of an off-grid electricity supply project using solar kits in Togo (in collaboration with PERN); the alleviation of financial constraints and access to long-term resources for SMEs and large companies financed by the transaction.