As part of the strengthening of FAGACE’s interventions for the benefit of its member countries, Henri-Marie DONDRA, Managing Director of the Fund proceeded this Thursday, July 16, 2015, at the Institution’s headquarters in Cotonou, to the signing of a loan agreement for the benefit of the company SUD BUILDING.
Indeed, in addition to the guarantee that constitutes its core business, FAGACE will now intervene directly in the financing of certain projects that have good potential and adequate organization.
Since its creation in 1977, FAGACE has always placed particular emphasis on infrastructure development and the promotion of SMEs, which make up the bulk of businesses in its member states.
In an environment marked by poverty, with a major growth challenge to be met, in order to have a significant impact on growth, FAGACE will continue and intensify over the coming years the development and diversification of its activities in favor of the private sector, providing substantial support for the development of African SMEs.
This agreement signing ceremony marks the official launch of the Fund’s direct financing activity, and concerns a real estate project in Benin. The project is for the construction of a commercial building called “WATERFRONT AL-MANAR” at AWHANLEKO-PLAGE OUEST in Cotonou, BENIN, by SUD BUILDING. The amount of financing granted by FAGACE is eight hundred (800) million F CFA:
The project, which will cover an area of 3,000m2, involves the construction of a 9-storey building to contribute to the urbanization of the city of Cotonou.
This financing agreement in favor of SUD BUILDING brings to 43 the number of projects benefiting from the Fund’s interventions in Benin.
