PRESS RELEASE: FAGACE supports private sector financing in Mali
At the invitation of the Minister of Industry, Trade and Investment Promotion of Mali, Mr. Harouna NIANG, a delegation from the African Guarantee and Economic Cooperation Fund (FAGACE), led by the Principal Advisor to the Director General at the Cooperation and Resource Mobilization, Mr. Basile TCHAKOUNTE, stayed in Bamako, Mali, from April 4 to 7, 2021.
Discussions with the Government reveal the desire to see FAGACE strengthen its role as guarantor to boost financing of the Malian private sector in general and SMEs/SMIs in particular. With this in mind, a memorandum was signed with the Malian State. To ensure monitoring, a Fund Liaison Office in Mali will be created.
Furthermore, during the various meetings, Malian financial institutions and economic operators all admitted the need for a guarantor such as FAGACE in the private sector financing system. In this context, discussions concerned the flexibility of the Fund’s products and their suitability for the local market as well as the supervision of project leaders.
To this end, the Fund has affirmed its availability to provide support to:
- the establishment in Mali of support structures for the private sector;
- the establishment of an online training platform and information and education broadcasts;
- the organization of training seminars initiated by the State of Mali for SFDs, Design Offices and SMEs/SMIs.
This mission marks a new turning point in relations between FAGACE and the Republic of Mali. Through the jointly selected development axes in particular, the Information and Liaison Office to be set up, the major objective of the Fund is not only to strengthen cooperation with the Government but also to accelerate the financing of the Malian economy through SMEs/SMIs, to deepen dialogue with technical and financial partners as well as the private sector.
As a reminder, FAGACE, thanks to its various interventions, particularly in guarantees, has made it possible to mobilize to date, nearly 55 billion CFA francs for the benefit of the Malian economy.
The African Guarantee and Economic Cooperation Fund is an international financial institution specializing in the promotion of public and private investments and contributes to the economic and social development of its fourteen (14) member states.
