UGB Seeks to Boost Private Sector Credit in Gabon
Libreville, gabon – The Banque Gabonese Union (UGB), Gabon’s leading financial institution, met with Minister for Economy and Participants, Mark-Alexandre Domba, on January 24th, 2025. The meeting focused on strengthening the partnership between the UGB and the Gabonese government, particularly in supporting the growth of the private sector.
Mohammed Hamlili, UGB’s Director General, presented the bank’s activities in Gabon and outlined its commitment to contributing to the nation’s economic diversification.Minister Domba commended the UGB’s vital role in the Gabonese economy and emphasized the need for a more robust credit strategy focused on the private sector.
“Encouraging private sector growth is a key priority for our government,” stated Minister Domba. “By providing accessible and tailored financing solutions, the UGB can play a crucial role in empowering small and medium-sized enterprises (SMEs) and fostering entrepreneurship.”
The Minister highlighted the importance of diversifying Gabon’s economy beyond its reliance on natural resources. He believes that a thriving private sector, fueled by increased access to credit, is essential for achieving this goal.
The UGB’s commitment to supporting the private sector aligns with the government’s broader economic advancement agenda. By working together, the UGB and the Gabonese government aim to create a more inclusive and enduring economic future for Gabon.
UGB’s Private Sector push: A Conversation with Gabon Economist
Time.news: The Banque Gabonese Union (UGB), Gabon’s leading bank, recently met with Minister Domba to discuss bolstering private sector growth through increased credit. What are the potential implications of this initiative for Gabon’s economy?
Expert: this meeting highlights a crucial shift in Gabon’s economic strategy. For too long,the country has relied heavily on natural resources. By prioritizing private sector development, the government is aiming to diversify its economy and create a more sustainable future. The UGB’s role in this is vital. Providing accessible credit to SMEs and entrepreneurs is essential to fostering innovation and job creation.
Time.news: How can increased credit availability specifically benefit Gabon’s SMEs?
Expert: SMEs are the backbone of any vibrant economy. Thay drive innovation,create jobs,and contribute significantly to GDP.Tho, many SMEs in Gabon face challenges accessing financing. UGB’s commitment to tailored financing solutions can bridge this gap. Access to capital allows them to expand,invest in new technologies,create jobs,and contribute more effectively to national growth.
Time.news: What are some of the key factors the government and UGB need to consider to ensure the success of this initiative?
Expert: Firstly,the credit must be affordable and accessible. Unfair lending practices and excessive interest rates can stifle growth. Secondly, the government needs to create a supportive business environment, fostering a climate conducive to entrepreneurship. This includes streamlining regulations, improving infrastructure, and providing technical support to SMEs.
Time.news: Minister Domba emphasized the need to diversify Gabon’s economy beyond natural resources. How can increased private sector credit contribute to this goal?
expert: The private sector is crucial to economic diversification. By providing credit to non-resource based industries like agriculture, manufacturing, and technology, the government and UGB can foster the growth of new sectors, reduce reliance on volatile commodity prices, and create a more resilient economy.
Time.news: What are your overall thoughts on this initiative and its potential impact on Gabon’s future?
Expert: This is a positive step towards a more diversified and sustainable economy. By empowering the private sector through increased credit access, Gabon has the potential to create a brighter future for its citizens, generating new opportunities and building a stronger, more resilient nation.
