FAGACE CONSULTATION MISSION TO BURKINA FASO
A delegation from the African Guarantee and Economic Cooperation Fund (FAGACE) led by its Director General, Mr. Ngueto Tiraïna YAMBAYE, stayed in Burkina Faso from August 9 to 13, 2021. This mission which is part of the consultations with the FAGACE member states, aimed to strengthen the interventions of the guarantee institution in Burkina. At the end of its mission, the delegation co-hosted with the Minister of Economy, Finance and Development, Mr. Lassané KABORE, also President of the Board of Governors of FAGACE, a press briefing, this Friday, August 13 2021, to take stock of the stay in Burkina.
During the visit, the delegation was received in audience by the Head of State as well as by members of the Government. She also met those responsible for the Burkinabe banking and financial system to present FAGACE’s operating methods. The mission also interacted with economic operators to understand the realities of project leaders and introduce them to the mechanisms for accessing adequate financing in connection with FAGACE products. Bilateral meetings also took place with banks and intermediation management companies in order to develop actions to boost the financing of productive investment projects. At the end of all these meetings, a memorandum of understanding was signed between FAGACE and the National Employers’ Council, the National Chamber of Agriculture and the Secretariat of the UEMOA SME Fair.
A memorandum will also be signed with the Burkinabè State. At the end of this signature, FAGACE will undertake to:
– Establish framework partnership agreements with local banks that show an interest in collaborating with the Fund;
– Sign guarantee agreements with commercial banks to enable guarantee lines to be opened in their respective books. These lines will facilitate access to financing for SMEs/SMIs;
– Establish partnerships with local banks that can promote the financing of large commercial and industrial companies as well as infrastructure projects, etc.
To monitor cooperation between Burkina Faso and FAGACE, a FAGACE Information and Liaison Office in Burkina Faso will be created. Mr. Ngueto Tiraïna YAMBAYE, Director General of FAGACE, during his speech, indicated that this mission marks a new turning point in relations between FAGACE and Burkina Faso. Through the jointly selected axes, FAGACE will strengthen its role as guarantor to boost the financing of the Burkinabe private sector and the economy in general. The Minister in charge of Finance expressed his satisfaction and expressed his recognition to FAGACE. He also recalled the need to develop strategies and mechanisms for a structural transformation of the Burkinabè economy.
