A mission from the Fonds Africain de Garantie et de Coopération Economique (FAGACE) led by Mr. Nguéto Tiraïna YAMBAYE, Managing Director of FAGACE stayed in Bissau from October 26 to 31, 2020 as part of the promotion of the activities and strengthening of the interventions of the international financial institution in Guinea Bissau.
To this end, the delegation met with the main development players: political and economic authorities, local financial institutions, economic operators and private sector support structures, with a view to converging efforts to boost financing of the Guinea-Bissau economy, notably through the risk-sharing mechanisms proposed by the Fund.
As banks are at the heart of the Fund’s guarantee implementation mechanism, bilateral meetings have been held with Banque Atlantique, BAO, BDU, ORABANK and ECOBANK to develop synergistic actions to boost the financing of productive investment projects. To this end, FAGACE and the banks have agreed to sign partnership agreements to mark the launch of a new and more fruitful cooperation.
With this in mind, the mission paid a courtesy visit to the regulator, Madame Helena Maria Jose N. EMBALO, BCEAO National Director for Guinea Bissau.
The mission was also received in audience by the Head of State, His Excellency Mr. Umaro Sissoco Embaló, President of the Republic, in the presence of the Minister of Finance, Mr. Joao Aladje Mamadu FADIA, on Tuesday October 27, 2020.
This meeting was an opportunity for the Managing Director of FAGACE to reaffirm his desire to see FAGACE, in collaboration with other partners such as BADEA, strengthen its role as a concrete solution to financing the country’s development, notably through its participation in the National Development Plan 2020-2023. Indeed, Guinea Bissau is brimming with immense potential, and its productive investment projects should benefit more than ever from the synergistic actions of development finance institutions.
At the end of the discussions, the President of the Republic welcomed the Mission and thanked Mr. Nguéto Tiraïna YAMBAYE for FAGACE’s initiatives on behalf of Guinea Bissau. Discussions will continue to deepen the dialogue on the various subjects.
During the mission, the delegation was also received in audience by the Prime Minister, His Excellency Mr Nuno Gomès Nabiam, the Minister of Finance and Governor of Guinea Bissau at FAGACE, Mr Joao Aladje Mamadu FADIA, as well as Mr Victor MANDINGA, Minister of Economy, Planning and Regional Integration.
This mission marks a decisive turning point in the cooperation between FAGACE and Guinea Bissau. A memorandum of understanding was signed with the Guinean Bissau authorities, and an Information and Liaison Office was set up to ensure better follow-up of the various initiatives.
