Investment:State support for microfinance institutions Investment:State support for microfinance institutions

President Ali Bongo Ondimba of Gabon has announced the creation of a microcredit program aimed at supporting microfinance institutions in the country. In a meeting with the heads of these institutions, the President discussed the establishment of this program, which is said to be unprecedented in its terms and scale in Gabon.

Under this program, the Gabonese government will act as a guarantor through Okoume Capital, ensuring that beneficiaries of microloans receive very preferential rates. The maximum annual interest rate will be 6%, including tax. Additionally, the application fees will not exceed 10,000 CFA francs, and no other charges will be imposed on borrowers.

The microcredit program is exclusively reserved for Gabonese individuals, including entrepreneurs, very small enterprises (VSEs), and small and medium-sized enterprises (SMEs) owned by Gabonese citizens. It will be accessible throughout the country, in all nine provinces. The credit amounts granted will range from 200,000 to 1,500,000 CFA francs.

One of the key features of this program is the speedy processing of credit requests. Any applicant will receive a response within a maximum of 72 hours, aligning with the President’s emphasis on efficiency and promptness. President Ali Bongo Ondimba believes that this microcredit program, with its highly favorable rates, will contribute to boosting economic activity in Gabon, ensuring that no Gabonese citizen is left behind.

The President has set a medium to long-term objective of achieving full employment in the country. To achieve this goal, he aims to stimulate entrepreneurship and promote self-employment. President Ali Bongo Ondimba recognizes the importance of financing small economic operators, as they play a significant role in the country’s development and deserve equal access to financing opportunities as established companies.

This microcredit program is a significant step towards achieving the President’s vision of a thriving private sector and a prosperous Gabon. It reflects his commitment to inclusive economic growth and creating opportunities for all citizens.

Source: Gabon Info

What steps has President Ali Bongo Ondimba taken to ensure swift processing of credit requests under the microcredit program

In an exciting move, President Ali Bongo Ondimba of Gabon has unveiled a groundbreaking microcredit program designed to support microfinance institutions throughout the country. This initiative, described as unprecedented in both its scope and terms, aims to provide crucial financial assistance to individuals and businesses in need.

Under the program, the Gabonese government, through Okoume Capital, will act as a guarantor, ensuring that microloan recipients enjoy highly favorable rates. With a maximum annual interest rate of just 6%, including tax, borrowers can rest assured that they won’t be burdened with exorbitant charges. Furthermore, application fees will be capped at 10,000 CFA francs, and there will be no additional expenses imposed on borrowers.

It’s important to note that this microcredit program is exclusively available to Gabonese citizens, encompassing entrepreneurs and small enterprises owned by these individuals. Regardless of where they reside in the country’s nine provinces, eligible applicants will have access to credit amounts ranging from 200,000 to 1,500,000 CFA francs.

One of the most remarkable aspects of this initiative is its swift processing of credit requests. Within a maximum of 72 hours, hopeful individuals and businesses will receive a response—a testament to President Ali Bongo Ondimba’s commitment to efficiency and timeliness. By implementing this microcredit program with highly favorable rates, the President believes it will invigorate economic activity in Gabon, ensuring that no Gabonese citizen is left behind.

Furthermore, President Ali Bongo Ondimba has set a critical objective for the country: achieving full employment. To accomplish this goal, he plans to foster entrepreneurship and encourage self-employment. Recognizing the vital role that small economic operators play in Gabon’s development, the President understands that they deserve equal access to financing opportunities as established companies.

This microcredit program represents a significant leap towards realizing the President’s vision of a thriving private sector and a prosperous Gabon. It exemplifies his unwavering dedication to inclusive economic growth and creating opportunities for all citizens.

Source: Gabon Info