The European Investment Bank (EIB) and the group Vista signed two financing agreements totaling 30 million euros for strengthening access to credit for small and medium-sized enterprises (SMEs) in Guinea and in Sierra Leone. Thanks to this new cooperation with Vista, the EIB grants its very first loans intermediated to local banks in Sierra Leone and Guinea in order to support SMEs.

Focusing on agricultural value chains, this cooperation is fully integrated into EU strategies: the programme TRANSFORM in Guinea, which benefits 100 agri-food companies in Fort potential, and the “Salone Access to Finance” initiative in Sierra Leone, which encourages loans to MSMEs in the agricultural sector.

These funding agreements are signed under the new initiative “Women for Stronger Communities and Growth” which, by 2027, will mobilize 1 billion euros in favor of the economic resilience of women and communities facing climate change and insecurity food.

The European Investment Bank (EIB), by the intermediary of BEI Monde — its branch specialized in development — and Vista Group signed two financing agreements, one for an amount of 20 million euros with Vista Gui and the other for 10 million of euros with Vista Bank (SL), in order to strengthen access to finance for SMEs and mid-caps in Guinea and Sierra Leone. This important initiative was able to see the light of day thanks to the support of the European Fund for Sustainable Development plus (FEDD+), which is used to mobilize public and private funding in the framework of the EU's “Global Gateway” strategy.

The signing ceremony took place in Washington in margin of the annual meetings of the World Bank Group and the Fund international monetary policy, in the presence of Simon Tiemtoré, president of the group Vista, Marjeta Jager, Deputy Director General at the Directorate-General of international partnerships from the European Commission, and Ambroise Fayolle, Vice President of the EIB.

The loans will be aimed at strengthening the development of private sector: at least 70% of funding will go to support supply chains agricultural value — such as those of cashew nuts, foods for infants, rice and fruit and vegetable processing — in two countries and priorities specific to each country, such as processing of fish and seafood products, as well as cereals, including including fonio and rice, in Guinea, and cocoa, palm oil, cassava and coffee in Sierra Leone. At the same time, at least 30% of loans will support businesses run by women or at the service of women in accordance to the 2X Challenge criteria, and at least 50% will target managed businesses by young people or hiring young people.