Mrs. Minafou Fanta COULIBALY KONE, Managing Director of the African Guarantee and Economic Cooperation Fund proceeded on Thursday, June 07, 2018, at the Institution’s headquarters in Cotonou, to the signing of a partnership agreement with Mr. Sam Abalo MALOU, Managing Director of the Sahel-Saharan Bank for Investment and Trade (BSIC BENIN SA).
The agreement is part of a program to build the capacity of Benin’s SME-SMIs.
By granting partner banks such as Benin’s Banque Sahélo-Saharienne pour l’Investissement et le Commerce (BSIC) portfolio guarantee lines, the Fonds Africain de Garantie et de Coopération Economique (FAGACE) intends to provide more intensive support for African SMEs.
Based on shared principles and objectives, the new partnership seals the formal commitment of the two institutions to pool their efforts to boost SME financing, and consequently Benin’s economic and social development through job and wealth creation.
Worth one billion CFA francs, this line of credit will enable the Bank to mitigate the risks incurred up to 50% of the principal amount of the projects financed, and to increase the Fund’s interventions in favor of Benin’s private sector.
Through this new partnership, FAGACE reiterates its commitment to facilitating access to financing for SMEs, the real levers of development for the economies of its member states.
