African Guarantee and Economic Cooperation Fund : Regional Headquarters Agreement Renewed
Cameroon and the institution exchanged documents on the renewal agreement on July 22, 2021 at the Ministry of External Relations.
The Republic of Cameroon has renewed its regional quarters hosting rights of the African Guarantee and Economic Cooperation Fund, an international financial institution best known by its French acronym FAGACE. Both parties signed and exchanged legal documents on the renewal agreement on July 22, 2021 at the Ministry of External Relations (MINREX). The Acting Secretary General of MINREX, Chinmoun Oumarou representing the Minister signed on behalf of the government of Cameroon, and the Senior Adviser for Cooperation and Resource Mobilisation at FAGACE, Basile Tchakounte, signed on behalf of his institution. Cameroon has since 2015 been host to the regional headquarters of the financial institution and the decision to renew the agreement was after a field visit to its offices in Douala, Littoral Region on March 17, 2021 by a team of experts.
In his statement, Chinmoun Oumarou said the institution has between 2015 and 2015 generated FCFA 90 billion through its guarantees which was injected into the economy of Cameroon for the growth of small and medium-sized enterprises. Several projects, he noted, have been realised thanks to finances ensured by the institution. The Minister’s representative assured the financial institution of government’s support and collaboration to the strengthening of ties for the socio-economic development of Cameroon.
On his part, Basile Tchakounte said the principle of decentralisation warranted the creation of a regional head office in CEMAC and Cameroon met the hosting criteria. He noted that the institution has thus far issued guarantees in Cameroon at an estimated FCFA 50 billion which have helped in the realisation or raising of about FCFA 90 billion. “We help to boost investment in the country by working together with the Chamber of Commerce and financial institutions.
In Central Africa, FAGACE has four main partners comprising Cameroon, Central African Republic, Republic of Congo and Chad. Projects supported by the institution are in the energy, transport, health, energy, infrastructure, agro-industry, real estate, telecommunications and agriculture.
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