As part of its interventions in Niger, FAGACE has approved a request for an endorsement in the amount of One (1) Billion CFA francs (i.e. 50% of the credit mobilized by the company ASUSU) to strengthen the intervention capacities of the microfinance institution ASUSU-SA.
On January 16, 2015, Henri-Marie DONDRA, Managing Director of the African Guarantee and Economic Cooperation Fund, signed a guarantee agreement with Reki Moussa Hassane, Managing Director of ASUSU-SA, at the institution’s headquarters in Cotonou.
Under the terms of this guarantee agreement, the Fund is enabling ASUSU- SA to mobilize a loan of (2) billion CFA francs from CORIS BANK INTERNATIONAL to refinance loans granted to its customers.
This endorsement brings the level of FAGACE’s guarantee operations in Niger to 8.6 48 billion CFA francs.
Through this agreement, FAGACE supports low-income populations who do not always have access to credit, and confirms its determination to do more in the microfinance sector. Microfinance, whose importance for African economies is no longer in question, is still facing recurring difficulties in the sub-region.
After a year 2014 devoted to resource mobilization and recapitalization, this guarantee agreement, which follows on from the 3.5 billion agreement in favor of Moulins Modernes du MALI a few weeks ago, bears witness to the clear desire of the Fund’s General Management to step up its interventions on behalf of its member states. This augurs well for the institution’s prospects in 2015.
