A mission from the Fonds Africain de Garantie et de Coop\u00e9ration Economique stayed in Ndjamena from September 04 to 13, 2020 as part of the promotion of the international financial institution’s activities and strengthening of its interventions in Chad.
To this end, the delegation met with key development players: the Government, local financial institutions, economic operators and startups, with a view to converging efforts to boost financing of the Chadian economy, notably through the risk-sharing mechanisms proposed by the Fund.<\/p>\n
Discussions with the government revealed a desire for FAGACE to strengthen its role in supporting Chad’s development. Commitments are thus expected from the Fund in terms of its contribution to the 2017-2021 National Development Plan, the 2021-2023 emergency plan for access to electricity, and support for the Fund for the Promotion of Youth Entrepreneurship, Microcredit and the Financing of the Rural Economy. To this end, a Memorandum of Understanding has been signed with the Chadian government, and an Information and Liaison Office for the Fund in Chad has been set up.<\/p>\n
During the various meetings, Chadian financial institutions and economic operators all agreed on the need for a guarantor such as FAGACE in the financing of projects and the private sector. Discussions focused on the flexibility of the Fund’s products and their suitability for the local market. To underscore the mutual interest in developing synergies to better support the financing of the Chadian economy, cooperation agreements were signed between several local banks and FAGACE during the mission.<\/p>\n
As part of this process, and given FAGACE’s particular focus on innovation and the financing of youth entrepreneurship, the delegation also met with startups and various Chadian incubator managers at the Chad Innovation Hub to discuss the Fund’s specific mechanisms for financing startups. On this occasion, the Fund also affirmed its readiness to support and mentor young entrepreneurs through associations and incubators, to facilitate their access to financing.<\/p>\n
This mission marks a decisive turning point in relations between FAGACE and the Republic of Chad. The Fund’s main objective is to strengthen cooperation with the government, accelerate the implementation of development projects, and deepen dialogue with technical and financial partners and the private sector, through the jointly agreed development priorities and the creation of the Information and Liaison Office.<\/p>\n
As a reminder, the African Guarantee and Economic Cooperation Fund is an international financial institution specialized in promoting public and private investment, and contributes to the economic and social development of its fourteen (14) member states.
FAGACE has mobilized more than 2,500 billion CFA francs for the benefit of the economies of its member states, through a variety of operations, including guarantees, direct financing, equity investments and interest-rate subsidies (more info: www.le-fagace.org).<\/p>\n
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