The African Solidarity Fund (Fsa) undertakes to allocate a line of guarantee in the amount of FCfa 15 billion to the Priority Investment Guarantee Fund (Fongip). This line, whose agreement was signed yesterday, in Niamey, is intended to support large Senegalese companies and SMEs/SMIs.
By Dialigue FAYE – The African Solidarity Fund wants to play its part in reviving the Senegalese economy. This, by agreeing to allocate to the Guarantee Fund for Priority Investments, a line of guarantee in the amount of FCfa 15 billion, intended to support large companies and Senegalese SMEs/SMIs.
“This line of guarantee, which will be executed as a joint guarantee (Fongip/Fsa) and as a guarantee only from the Fsa, will give Fongip the means to provide coverage in sectors of activity initially excluded from its field of intervention. , but which are eligible for the criteria of the Fsa. It will also make it possible to intervene on cases which would require a guarantee greater than the intervention quota of 50%, on cases for which the amount of coverage requested as guarantee would exceed the intervention limit of Fongip, fixed at 500 million francs Cfa, and on the files of large companies”, explained yesterday the General Administrator of Fongip, Thérèse Faye Diouf, on the occasion of the signing of the agreement with the Director General of the Fsa, Ahmadou Abdoulaye Diallo.
As a reminder, Fongip was set up ten years ago to “contribute more to improving access to financing for small and medium-sized enterprises, which represent 99.8% of the economic fabric in Senegal. The only guarantee instrument, it operates in complementarity with the financial sector and other State instruments with the aim of mobilizing resources to provide greater comfort to financial institutions.
It constitutes, as such, an innovative and adapted response by making it possible to mitigate the risks linked to the granting of loans to SMEs/SMIs by financial institutions and to promote the reduction of the cost of credit”.
Since its creation, informs the General Administrator, “Fongip has granted a total amount of FCfa 37.5 billion to banks, financial establishments and microfinance institutions in the form of guarantees and refinancing loans. These financial interventions made it possible to mobilize, from the financial sector, a financing volume of FCfa 68.4 billion for a total project cost of FCfa 92.2 billion. This has fostered the creation of more than 92,000 jobs. For the year 2022, Fongip has approved FCfa 5.4 billion in guarantees, which have made it possible to mobilize nearly FCfa 10 billion in bank loans for a project cost of more than FCfa 12.5 billion. This generated more than 6,800 direct and indirect jobs.
This device, assures Thérèse Faye Diouf, will be reinforced thanks to the agreement of line of guarantee which it signed with the Fsa.
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