The Société de Garantie du Gabon (SGG) and the African Solidarity Fund (FSA) have signed a framework agreement to enhance the capacity of credit institutions to provide guaranteed loans to entrepreneurs.
Niamey, Niger, May 17, 2023 – The Société de Garantie du Gabon (SGG), an initiative of the Gabonese Strategic Investment Fund (FGIS) led by Okoumé Capital, has signed a framework agreement for an indefinite duration with the African Solidarity Fund (FSA), a major actor in the economic development of 16 member states including Gabon.
This agreement aims to strengthen the operational, technical, and financial capacities of SGG in order to optimize its offerings to credit institutions necessary for medium and long-term financing of SMEs and micro-enterprises in Gabon. This partnership aligns with the common missions of each party, namely:
For FSA: facilitating investment project financing through various intervention instruments, including individual guarantees, portfolio guarantees, refinancing, financing arrangements, and interest rate subsidies.
For SGG: providing financial institutions with guarantees and other similar or related financial products to facilitate the granting of short, medium, or long-term loans to Gabonese SMEs.
After signing agreements with several Gabonese credit institutions in the first phase, the SGG reaffirms its ambition to strengthen the business environment in collaboration with strategic partners such as FSA.
The support of the FSA operates in three essential areas:
· Operationally : FSA offers co-guarantee and counter-guarantee products to support businesses excluded from its operational scope, providing intervention instruments such as financial guarantees, refinancing, surety bonds, and support, as well as guarantee lines to strengthen SGG's operational interventions.
· Technically : FSA provides its expertise to the SGG through training programs and immersion missions for personnel.
· Commercially: FSA shares cooperation opportunities with other institutions that can contribute to strengthening SGG's technical, institutional, and financial capacities. In turn, the SGG informs its clients about the development support tools offered by the FSA.
This action is initiated in accordance with the Gabonese government's determination to provide Gabonese companies with effective tools to become true champions on the continent and contribute to wealth and job creation.
Mr. Akim Mohamed DAOUDA, Managing Director of the Gabonese Strategic Investment Fund, stated, "We are very pleased with the signing of this framework agreement. This partnership is the result of a shared will to see our African countries work towards greater convergence. With its acknowledged expertise and solid reputation, the FSA will be a key partner in supporting the SGG as an accelerator for bank financing dedicated to Gabonese SMEs."
Mr. Alban ETHO, CEO of the Société de Garantie du Gabon (SGG), emphasized, "This new collaboration allows us to enter the continental market. Alongside the FSA, we are working to enhance our contribution to the development of the Gabonese economy through a synergy established between our two organizations."
Mr. Jean NKURUNZIZA, Director of Strategy and operations, reminded that the formalization of the relationship between the FSA and SGG is the culmination of a process that began with the FGIS in October 2021, following a meeting between the Director General of the FSA, Mr. Ahmadou Abdoulaye DIALLO, and Mr. Akim Mohamed DAOUDA, Managing Director of the FGIS.
He also highlighted that the FSA's interventions in favor of the Gabonese economy have amounted to 91 billion XAF to date, enabling the mobilization of the total financing of 123 billion XAF. This collaboration aims to further strengthen the FSA's interventions in Gabon, thus contributing to stimulating the country's economic development.
ABOUT THE GABONESE STRATEGIC INVESTMENT FUND (FGIS)
The Gabonese Strategic Investment Fund (FGIS) is the exclusive manager of the Gabonese Republic Sovereign Fund (FSRG) and to guaranteeshe unallocated holdings of the Gabonese state portfolio. The Fund invests to achieve shared prosperity for the Gabonese population and future generations. The Fund operates in three strategic sectors: infrastructure financing, SME support, and support for social sectors. The FGIS also acts as the exclusive manager responsible for the commercialization of carbon credits owned by the Gabonese Republic as part of the fight against climate change. For more information: www.fgis-gabon.com / LinkedIn and Twitter.
ABOUT THE SOCIETE DE GARANTIE DU GABON (SGG)
The Société de Garantie du Gabon (SGG) offers local financial institutions loan guarantee solutions for SMEs in the form of portfoli and individual guarantees. Its mission is to increase the capacity of financial institutions to finance SMEs in Gabon, helping them play their role in economic growth and job creation. Furthermore, it provides tailored technical assistance through capacity-building programs for partner banks and SMEs benefiting from the guarantees. For more information: LinkedIn
ABOUT THE AFRICAN SOLIDARITY FUND (FSA)
The African Solidarity Fund (FSA), headquartered in Niamey, Niger, became operational in September 1979. Its mission is to contribute to the economic development and social progress of its African member states by facilitating access to financial resources needed for investment projects and other income-generating activities through its intervention techniques. The FSA has16 member states since December 2022, with the Republic of Mauritania joining, and operates in four major regions (ECOWAS, ECCAS, COMESA, UMA). For more information, visit: www.fondsolidariteafricain.org
PRESS CONTACTS
Aunel Loumba
Communication and Public Relations Manager
+241 076 29 25 12
aloumba@fgis-gabon.com