Following discussions on July 22 with the heads of credit institutions established in Congo, the African Solidarity Fund (FSA) concluded partnership agreements with several local banks and employers’ organizations on July 25 in Brazzaville.
A total of seven partnership agreements were signed during the meeting marking the official launch of the FSA’s activities in Congo. The first part was concluded with four banking institutions, namely the Congolese Housing Bank, BGFI Bank and the Postal Bank of Congo. BSCA Bank was not represented.
The second part of the agreements was initialed with employers’ organizations, in particular the National Union of Economic Operators of Congo, the Congress of Business Leaders of Congo and the Chambers of Commerce of Brazzaville and Pointe-Noire.
Under this contract, the FSA will facilitate Congolese banks to obtain loans at reasonable interest rates so that they can in turn finance the private sector, particularly small and medium-sized enterprises. The objective is to boost this sector, considered a lever of the national economy, so that it contributes to the diversification of the economy, the creation of wealth and the improvement of the gross domestic product.
Introducing the FSA to the new partners, its general manager, Abdourahmane Diallo, spoke to them about the opportunities offered by its structure and the advantages they can draw from this collaboration. According to him, the FSA’s interventions will be in the form of guarantees, refinancing and sureties to Congolese banks, to the Guarantee Fund for Impulse and Support in order to facilitate the development of projects.
The FSA will also encourage its partners, according to this expert, to subscribe to bond issues, Treasury bonds and the offer of credit.
Speaking on the occasion, the Minister of Economy and Finance, Jean Baptiste Ondaye, welcomed Congo’s membership in the FSA and considered that it will help the country achieve certain objectives that it has set for itself.
” By joining this multilateral financing institution, Congo has had time to observe it in order to judge it on its merits. Ultimately, we are convinced that the FSA contributes to the economic development and social progress of member states. Congo is also strengthened by the FSA’s intervention technique, which is based on the guarantee of bank loans. We call for the establishment of win-win partnerships between Congo and the FSA, so that the thorny issue of financing the private sector in Congo can be resolved. This is one of the government’s hobby horses and one of the orientations of the Head of State ,” stressed Jean-Baptiste Ondaye.
Created in March 1975 by the heads of state of the member countries, meeting at a summit in Bangui, Central African Republic, the FSA became operational in September 1979. Its purpose is to contribute to the economic and social development of its regional member states by facilitating access to the financial resources needed to carry out projects. Its headquarters are in Niamey, Republic of Niger.
