The Director General of FAGACE has launched a mission to Cameroon during the period from April 11 to 13, 2023.
The delegation led by Mr. Basile TCHAKOUNTE, Senior Advisor to the Director General for Cooperation and Resource Mobilization, took part in a working session at the Ministry of Youth and Civic Education (MINJEC) as part of the establishment of the Guarantee Fund for Young Entrepreneurs (FOGA-Jeunes).
Indeed, in Cameroon as elsewhere, access to bank credit remains a cross for young people and other social groups in vulnerable situations. In his address to youth on February 10, 2023, the President of the Republic of Cameroon, H.E.M. Paul BIYA, instructed for the establishment of a Guarantee Fund for Young Entrepreneurs. This Guarantee Fund will be a public body.
According to the Head of State, “this Fund should enable project leaders and young businesses to have the necessary guarantee to raise the capital available on the financial markets, or obtain financing from traditional banks”.
During the work, the role of FAGACE in the ecosystem defined by the State of Cameroon revolves around the following points:
- define the strategic orientations for the establishment of the Guarantee Fund for Young Entrepreneurs (FOGA-Jeunes) thanks to its long experience in guarantees.
- collect contributions and opinions from the various stakeholders in order to identify future stages of the implementation of the said fund.
Finally, it should be noted that the management of the project will be done in collaboration with public and private administrations partners in the establishment of this important financing mechanism.
