Since 2017, the Fonds Africain de Garantie et de Coopération Economique (FAGACE) has undertaken a series of reforms to comply with the best standards in terms of governance, prudential financial standards and operational standards in order to respond more effectively to the expectations of the financial market.
As part of this drive, the Fund participated in the assessment process for member institutions of the Association of African Development Finance Institutions (AADFI), in accordance with the NDPSE (Normes, Dispositifs Prudentiels et Système d’Evaluation) mechanism.
This mechanism offers each member structure a platform for comparison with other Development Finance Institutions in the region.
The AADFI is an international organization created under the auspices of the African Development Bank (AfDB) to promote economic and social development in Africa through cooperation between banks and financial institutions. It currently has 83 members. In collaboration with the AfDB, the AADFI has published NDPSEs for Development Banks and Financing Institutions (DFIs) in Africa.
On the occasion of the General Managers’ Forum organized by the AADFI from November 04 to 07, 2019 at the International Convention Center in Durban, South Africa, the Consultant’s Report to the 9th Peer Review in accordance with the NDPSE was made public.
From the conclusions, it emerges that FAGACE obtained a result of 85% corresponding to a grade of A with Mention Bien, which confers it a place on the AIAFD’s “2019 Honor Roll of Ratings”.
Above all, this AADFI rating reflects the achievements of the profound transformations that have been observable and in progress within the Fund since 2017.
Today, FAGACE is active in 14 countries, with some fifty partner financial institutions with whom the Fund shares the risks associated with SME financing and strengthens their capacity to manage their portfolios, a strengthened governance model, operational excellence in line with the most demanding prudential standards, as well as over 400 billion in commitments, 294 projects financed thanks to the guarantees granted, and over 2,000 billion in loans mobilized for the benefit of the economies of its member states.
