As part of FAGACE strengthening its operations for in favour of member states, Henri-Marie Dondra, managing director of the Fund signed at the Cotonou headquarters of the institution a loan agreement for SUD BUILDING on Thursday 16 July.

Indeed, in addition to guaranteeing funds, FAGACE will also from now on directly finance projects which have a good potential and suitable organisation.

Since its inception in 1977, FAGACE has always emphasised infrastructure development and the promotion of SMEs which are the mainstay of businesses in its member states. In a context tainted by poverty and with an important growth challenge, to have a significant impact on growth, FAGACE will continue to intensify in the future, the development and diversification of its activities for the benefit of the private sector by providing the required support to the development of African SMEs.

The signing ceremony of this agreement which officially launches the Fund’s direct financing activity is for a real estate project in Benin. It is a project for the construction of a commercial building called “Waterfront Al-Manar” at Awhanleko-Plage Ouest in Cotonou, Benin by the company SUD BUILDING. The amount of financing granted by FAGACE is FCfa eight hundred (800) million.

The project, which will cover an area of 3,000 m2, aims to construct a 9-story building in order to contribute to the urbanisation of the city of Cotonou. This financing agreement in favour of SUD BUILDING brings to 43 the number of projects benefitting from the Fund in Benin.