FCFA 535 Million for Small Projects

A partnership to finance projects through microfinance institutions was signed in Douala February 13.

Various micro projects will soon receive financial support thanks to funds put in place by Banque de Développement des Etats de l'Afrique Central (BDEAC). A partnership convention between BDEAC and Fonds de Financement du Développement Social (FOFIDES) was reached in Douala Wednesday.

According to the convention BDEAC will disburse FCFA 535 million to FOFIDES, microfinance institution, for beneficiaries from various sectors of the economy such as agriculture, tourism, livestock, etc. Michael Ahande signed in his capacity as President for BDEAC while Hamidou Mana signed in his capacity as Board Chair for FOFIDES.

The two financial institutions above also signed an accord with Ecobank that spells out mechanism to secure the funds. Ecobank's General Manager Moustapha Fall signed on behalf of his institution.

The purpose of the funds is to assist affiliates of microfinance institutions to carry out projects that can generate income and change the economy. FCFA 500 million will be destined for small projects while FCFA 35 million will be used to construct FOFIDES headquarters.