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The FAGIEE intends to grant additional resources to the tune of 50 billion to the support fund for GIEs and companies

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The conference room of the Ministry of Trade, Industry and SMEs, hosted this Wednesday, January 11, the 16th session of the steering committee of the support fund for economic interest groups and businesses (FAGIEE).

It was Minister Louopou Lamah who chaired this ceremony to relaunch the activities of the steering committee of the support fund for businesses and economic interest groups, in the presence of several executives from her department.

On this occasion, the chairman of the FAGIEE Bangaly Diarra steering committee, in his speech, said that during the implementation of this fund, the government was able to offer loans through banks and microfinance institutions, at a rate of 5% over 3 years with a moratorium period of 6 months.

However, he specifies, it would be appropriate to grant additional resources to the tune of 50 billion to the support fund for economic interest groups and businesses, which is becoming a support program for the revival of post-Covid economic activities. 19.

The government’s vision, through the fund, was to allow economic interest groups (EIG) and SMEs to access repayable loans via financial institutions, in order to ensure the continuity of their activities and by extension to save jobs. Thanks to this initiative, the government was able to offer loans through banks and microfinance institutions, at a rate of 5% over 3 years with a moratorium period of 6 months. In this dynamic, through FODIP, we have signed credit management agreements with 16 partner financial institutions, including 10 banks and 6 microfinance structures. In terms of FAGIEE’s impact, between July and November 2020, the fund recorded more than 378 files from financial institutions on its digital loan submission and processing platform. We gave a favorable follow-up to 254 EIGs and SMEs. Among the beneficiary GIEs, there is the National Union of Women Sellers of Smoked Fish and the National Union of Industrial Fishmongers of Guinea representing more than 230 economic interest groups in the fishing sector, have received funding at four (4) billion GNF. The reason was to deal with the possibility of a disastrous shortage of fish as a prelude to the biological rest of fish, in a context of Covid-19. For the gender component, 241 of the 257 companies financed are run by women where there are women’s groups, i.e. approximately 94% of the volume of validated requests. In view of these results recorded with a financial envelope of 20 billion, it would be appropriate to grant additional resources to the tune of 50 billion to the support fund for economic interest groups and companies, which becomes a support program for the revival of economic activities post-Covid-19. While taking into account the similar effects of vulnerability that the war in Ukraine and the ZLECAF can cause on our fragile micro and small businesses in the country”, he explained.

For her part, the Minister in charge of trade and industry Louopou Lamah, reassured that one of her missions is to create jobs through the establishment of small and medium-sized enterprises.

Saidou Barry



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