COMMUNICATED :
PARTNERSHIP BETWEEN FAGACE AND VERSUS BANK FOR THE FINANCING OF Ivorian SMEs
On June 29, 2021, the signing of a framework partnership agreement with VERSUS BANK was held at the headquarters of the African Guarantee and Economic Cooperation Fund (FAGACE), represented on this occasion by Mr. Jérôme EHUI, its Managing Director, accompanied by Mr. Jean-Philippe TOURE, Director of Operations, Mr. Siméon TONIAN, Head of the Institutional Department and Mr. Ismaël DIOMANDE, Head of Legal and Collections Department.
This agreement establishes the implementation of a mechanism intended to facilitate access for SMEs to financing offered by VERSUS BANK at the best market conditions and which must be counter-guaranteed by FAGACE.
Indeed, for inclusive and sustainable growth of its countries, FAGACE has been committed for more than 40 years alongside local and regional financial institutions by sharing the risks linked to the financing of projects, particularly those of SMEs/SMIs which require guarantees. important.
In this context, the Fund develops partnerships with financial institutions such as Versus Bank which have converging objectives.
VERSUS BANK, is an Ivorian bank that has been operating for 16 years and is officially positioned as the partner bank of SMEs/SMIs in the country; its ambition is to contribute to the emergence of national champions, in line with the Strategic Development Plan of Côte d’Ivoire.
Through this agreement, the Fund makes two risk sharing instruments available to Versus Bank, namely the portfolio guarantee and the individual guarantee.
- The portfolio guarantee is a guarantee line to which Versus Bank can charge SME and SMI projects that meet the agreed criteria.
- The individual guarantee will be used to partially cover the financing granted to large-scale projects.
The two Institutions have decided, as part of this agreement, to pool their expertise and experiences in Côte d’Ivoire in order to develop projects in synergy, particularly in favor of SMEs and SMIs.
It should be noted that this partnership is part of the implementation of FAGACE’s new 2021-2025 Strategic Plan, which intends to provide the Fund’s financial partners with appropriate instruments to boost the financing of local economies. .
