The Fonds Africain de Garantie et de Coopération Economique (FAGACE) and ETC (Export Trading Corporation) represented respectively by its Managing Director, Mrs. Minafou Fanta COULIBALY- KONE and its President Mr. Anco Marzio LENARDON, proceeded to the signature of a partnership memorandum of understanding, this Monday, July 23, 2018 at the FAGACE headquarters in Cotonou. This MoU seals the formal commitment between these two organizations to work together to improve the quality of life of African SMEs. By signing this agreement, the two organizations commit to pooling their skills, know-how and financial resources to promote entrepreneurial initiatives in Africa.
For over 40 years, FAGACE, the leading financial institution for bank credit guarantees in Africa, has been supporting the financing of development projects in various strategic sectors of the economies of its fourteen (14) member states.
ETC is an Italian public finance group whose aim is to facilitate the realization of African investment projects through an integrated approach to know-how, engineering, technology and finance. Through its subsidiary UNIAFRICA, the Union for the Development of Relations between Italy and Africa, the Group operates in at least 16 countries across the continent.
In her speech, Mrs. Minafou Fanta Coulibaly-Kone recalled that the aim of the agreement is “to pool the skills of the two organizations, notably in project portfolio sharing, investment project structuring, technical and financial analysis of investment projects, counterparty risk sharing, capacity building, and the organization of conferences and seminars to publicize business opportunities in Italy and in the Fund’s member countries”.
In his turn, the Chairman of ETC explained that: “African SMEs are changing, economies are evolving and so is the mode of industrialization. ETC is adapting to these changes by proposing new mechanisms and teaming up with partners such as FAGACE for greater market impact.”
For the Fund, this partnership comes at just the right time, as it forms part of the FAGACE 2.0 Plan. It is a complementary tool for controlling project risks, strengthening the Fund’s interventions in favor of member countries, and sharing knowledge on financing and monitoring mechanisms in order to increase its operational efficiency.
