COMMUNIQUE FAGACE -ETC (APRIL 2021)
STRENGTHENING COOPERATION BETWEEN FAGACE AND ETC
On Tuesday April 27, 2021, at FAGACE headquarters in Cotonou, Mr. Ngueto Tiraïna YAMBAYE Managing Director of the Fonds Africain de Garantie et de Coopération Economique (FAGACE) and Mr. Anco Marzio LENARDON President of ETC (Export Trading Corporation) signed a memorandum of understanding on cooperation between the two institutions.
The signing marks a decisive turning point between FAGACE and ETC for a new and reinforced cooperation for the benefit of the African countries in which the two institutions operate. Through the jointly agreed development axes, the two organizations are committed to promoting entrepreneurial initiatives in Africa.
This new dynamic is also based on the shared principles and objectives of the two institutions, with a strong complementarity in terms of the services provided.
In addition, through the provision of appropriate technical assistance and adapted, preferential financing mechanisms, the two organizations are aiming to achieve convincing results in the development of the countries in which they operate. Finally, by intervening in several countries in the region, they can better learn from their experiences and have a greater impact on our programs.
In his speech, Mr. Ngueto Tiraïna YAMBAYE, emphasizing the need for joint mechanisms to be adapted to the realities of local project promoters, recalled that the aim of this agreement is to share project portfolios, structure investment projects, provide technical and financial analysis of investment projects, share counterparty risks, build capacities, and organize conferences and seminars to publicize business opportunities in Italy and in the Fund’s member countries.
In his turn, the President 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 joining forces with partners such as FAGACE to achieve greater market impact”.
For the Fund, this cooperation fits perfectly within the framework of the 2021-2025 Strategic 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.
