On Tuesday January 30, the Fonds Africain de Garantie et de Coop\u00e9ration Economique (FAGACE) held a working session at its Cotonou headquarters with the General Managers of a number of banks and financial structures.<\/p>\n
Ms Minafou Fanta Coulibaly-Kon\u00e9, Managing Director of FAGACE, gave a brief presentation of the institution and outlined the Fund’s new intervention strategy.<\/p>\n
As the first financial institution to specialize in bank credit guarantees, FAGACE has contributed over 40 years to the financing of development projects in its fourteen (14) member states, injecting more than 1,500 billion FCFA into various strategic sectors of their economies.<\/p>\n
Building on its experience, FAGACE is now embarking on a new dynamic, with the main aim of revitalizing its partnership relations with banks and credit institutions, and making a greater contribution to financing projects initiated by public and private economic operators in its member states.<\/p>\n
FAGACE’s Managing Director outlined a number of key strategic points for the Fund at this meeting with the banks.<\/p>\n
“Lending banks need institutional guarantors such as FAGACE to mitigate the risk of default.<\/p>\n
FAGACE to mitigate the risk of default by project promoters.<\/p>\n
project promoters.<\/p>\n
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“Similarly, guarantors need banks to fulfill their mission<\/p>\n
their mission of facilitating the mobilization of financial resources.<\/p>\n
resources.”<\/p>\n