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Absa and Proparco sign $20m loan agreement to support Covid-hit SMEs

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Partnership with French development financier will help the sector, which the bank estimates employs as much as 60% of SA’s workforce and accounts for a quarter of all private-sector employment growth

Absa has teamed up with French development financier Proparco for a $20m senior loan to support small to medium-sized enterprises in SA affected by Covid-19.

The loan agreement was signed on December 17, 2021 and will offer assistance to SMEs in sectors that have been particularly hard hit by the pandemic and related lockdown measures, the bank said in a statement on Thursday. The sectors include construction, manufacturing, transport, tourism, wholesale and retail...

 

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