Vista Bank Guinea granted €10m Line of Credit by EBID to support the growth of Guinean SMEs and SMIs
Conakry, March 2021 – Vista Bank Guinea has been granted a €10m line of credit by the ECOWAS Bank for Investment and Development (EBID) to increase its capacity, support and medium-term funding for small and medium-sized enterprises (SMEs) and small and medium-sized industries (SMIs) in the Republic of Guinea.
Mrs Yassin Bayo, Managing Director of Vista Bank Guinea, said: “Vista is determined to be a force for good in driving Guinea’s economic development and prosperity and our growth plans are geared towards this objective. The credit facility from EBID will enable us to increase our provision of finance to Guinean SMEs and SMIs, which will strengthen their capacity, increase their participation in value chains, and promote Guinea’s industrialisation.”
Vista Bank Guinea is focusing on the deployment of its growth strategy to diversify its portfolio towards Guinean SMEs and SMIs, through which we are serving over 2,000 corporate clients, 80% of which are SMEs. It grants loans for the development of the Guinean private sector, offers financial advisory services and finances expansion, diversification, modernisation and rehabilitation projects.
The line of credit is part of EBID’s commitment to support the government of Guinea’s implementation of its 2020-2025 Development Plan to develop the private sector and transform the economy. The agreement for the line of credit facility was signed by Dr George Agyekum Donkor, President and Chairman of the Board of Directors of EBID and Mrs Yassin Bayo.
Vista Bank Guinea – which is part of the Vista Group owned by Lilium Holdings – is supporting customers’ financial recovery from the Covid-19 pandemic and providing a full range of accessible banking facilities to everyone, especially women and SMEs who have long been impeded by a lack of access to finance. It intends to be the premier source of mesofinance, trade and supply chain finance for SMEs, and is driving financial inclusion, economic growth and national prosperity, in its mission to become the bank of choice. Vista Group also operates in Sierra Leone and The Gambia. In October 2020 Vista Group announced that, subject to regulatory approval, it had agreed with BNP Paribas to acquire BNP Paribas’ assets, La Banque Internationale pour le Commerce et l’Industrie de la Guinée (BICIGUI) in Guinea and Banque Internationale pour le Commerce l’Industrie et l’Agriculture du Burkina (BICIAB) in Burkina Faso.
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About Vista Group
Vista Bank Group (Vista) www.vistabankgroup.com is a financial services holding company with the objective of building a world-class pan-African financial institution group and contributing to economic and financial inclusion in Africa.
Vista has entered into strategic partnerships with various global financial institutions to drive its growth strategy by focusing on MSME (SME banking, leasing, mesofinance, banking on women banking), trade and supply chain finance, bancassurance increasing profitability while controlling operating costs and mitigating risks.
Vista is focused on maximising the opportunities in its respective markets to become the financial institution of choice through innovative banking and insurance products.