In keeping with its mission to assist the most disadvantaged member states, FAGACE today made a donation of equipment worth 25 million CFA francs (€38,118) to the Central African Republic’s Ministry of Trade, Industry, Crafts and SMEs.
This grant follows a FAGACE mission in July 2014 to boost the Central African private sector. At the end of this mission, it emerged that Central African SMEs have difficulty accessing bank credit, mainly because of insufficient training on how to put together applications, and because they operate in the informal sector and have little security collateral.
The need for an SME support center has become apparent.
The equipment donated will be allocated to the Small and Medium-sized Enterprises Assistance Centre (CAPMEA) to support the rehabilitation of this institution. It consists mainly of computer equipment (computers, printers, photocopiers) to enable entrepreneurs to benefit from appropriate support in setting up their companies, setting up bankable projects and monitoring their progress.
This action is part of the Fund’s overall program to facilitate access to financing for the private sector in CAR, which includes:
- refurbishment of the small business and craft industry assistance center (CAPMEA)
- the creation by the Central African government of a national guarantee and investment fund for SMEs
- l’opérationnalisation du comité de suivi des recommandations de la Table ronde sur la problématique de financement du secteur privé centrafricain organisée par le FAGACE en Novembre 2010
- and the revitalization of the 1 billion FAGACE guarantee line to CBCA
FAGACE’s support for the operationalization of this center of expertise in CAR will enable the government to provide a lasting solution to the problem of SME-SMI financing in the current socio-political crisis.
