The headquarters of BEAC (Bank of Central African States) in N’Djamena hosted Tuesday, September 8, 2020, the day for the promotion of the African Guarantee and Economic Cooperation Fund (FAGACE).
The meetings of the FAGACE promotion day were placed under the theme: “Financing of the Chadian economy: what role for FAGACE”. Chaired by the Secretary of State for Finance and Budget, Alixe Naimbaye, this ceremony was a framework for technical exchanges between the FAGACE delegation and the heads of banks and financial institutions in Chad on the role of this organization, including the country in has been part of since December 2011.
It also aims to strengthen cooperation between the Fund and Chad in the process of financing the Chadian economy.
FAGACE as a development institution is in line with the efforts of the Government of Chad to stimulate and support the development of the country’s economic activities. This is for inclusive growth, particularly through SMEs and SMIs and in the priority sectors of agriculture, industry, infrastructure and services.
The head of the FAGACE delegation underlined that in the past, this organization in Benin has maintained and developed partnership relations with several banks in the sub-region. Investment projects have been financed with the guarantee of the Fund as part of its relations in the member states of the Fund, including Chad. According to her, more than 2,500 billion FCFA have been mobilized in the Fund’s member states. The strategic sectors of agriculture, agribusiness, industry, telecommunications and energy have mainly benefited from the resources mobilized.
In Chad, several projects have been identified and reviewed. However, it should be noted that the level of interventions remains well below the targeted objectives. Faced with this situation, the new Director General of FAGACE, and the entire management team deemed it necessary to reflect on the operating methods capable of facilitating FAGACE’s interventions in Chad in order to contribute to sustainable economic growth and inclusive country. Said Emmanuelle MIGAN, Regional Representative of the Fund in Central Africa, representing the Director General, Nguéto Tiraina YAMBAYE. She continued that this reflection cannot be limited to the level of FAGACE, Mr. Ngueto YAMBAYE who attaches a particular interest to the economic and social development of the Member States, in particular of Chad, dispatched this mission to N’Djamena, to discuss with the ‘all the actors, in order to define the best approach to increase the achievements of FAGACE in this country with high potential.
The Secretary of State for Finance and Budget, Alixe Naimbaye, believes that this cooperation will make it possible to carry out concrete projects with visible social impacts. To mobilize resources, Chad needs both guarantee institutions and lending institutions.
Ms. Alixe Naimbaye calls on the banks present for an effective and efficient use of the fund hedging mechanism offered by this institution in order to further finance projects.
It should be remembered that the African Guarantee Fund and Economic Cooperation is an international financial institution created on February 10, 1977 in Kigali by the Conference of Heads of State of OCAM. Specialized in the promotion of public and private investments, it contributes to the economic and social development of its member states and currently has fourteen countries: Benin, Burkina Faso, Cameroon, Central African Republic, Congo, Côte d’Ivoire , Guinea Bissau, Mali, Mauritania, Niger, Senegal, Chad and Togo.
