By: Ecofin agency

AFG Bank Mali, a subsidiary of Côte d’Ivoire’s AFG Group, announced plans to mobilize CFA100 billion ($177.2 million) to support local companies operating in Mali’s mining sector.

The initiative is part of the Local Content Champion Program (LCCP), officially launching on Monday, October 27, 2025, in Bamako. The program aims “to strengthen local players’ capacities, improve their competitiveness, and ensure their sustainable integration into the mining sector’s value chain,” the bank said in a statement.

AFG Bank will provide a range of financing instruments, including leasing, equipment loans, medium-term credit, invoice advances, letters of credit, and bank guarantees. The funding primarily targets mining suppliers, subcontractors, and service companies involved in the extractive industry’s value chain.

The bank said it intends to finance their growth and secure their operations to “create an inclusive and efficient mining ecosystem where local enterprises play a leading role in Mali’s economic growth.”

According to Mali’s Ministry of Mines, citing the 2023 EITI-Mali report, the mining industry represents 82% of export earnings, 21% of government tax revenue, and 1% of total employment. The sector generated about CFA600 billion ($1.06 billion) for the national economy in 2023 and contributed around 10% to GDP.

Mali, one of Africa’s top gold producers, hosts 14 industrial gold mines operated by companies including Barrick Gold, B2Gold, Resolute Mining, and Firefinch.

Founded in 1999, AFG Bank Mali has expanded its expertise in resource financing. In 2022, it created a dedicated “Mines Department” to design financial solutions tailored to the extractive sector’s specific needs.