By Victorine BIY, Cameroon Tribune
The African Guarantee Fund yesterday partnered with the Enterprise Upgrading Office to this effect.
The Enterprise Upgrading Office, BMN has in a bid to ensure its objective of offering the best conditions for programmes financing by coordinating different bilateral and multilateral funding, partnered with the African Guarantee Fund,FAGACE, to help enterprises faced with the challenge of funding and proposing acceptable projects to overcome such setbacks. The Director General of FAGACE, Jean Marie Dombra and the Director of BMN, Chantal Elombat Mbedey on June 22, 2015 in Yaounde, agreed through a partnership that the latter will facilitate funding from the former for enterprises that meet eligibility criteria. FAGACE, going by the agreement, will fund investment projects to selected enterprises.
The partnership is expected to benefit enterprises within the Support Programme to improve the Competitiveness of the Economy of Cameroon, PACOM. It is a programme to reinforce and sustain the competitiveness of the country’s economy through the improvement of production and the qualitative progression of enterprises with the view of valorizing competitive advantages on the regional and international export market as well as the development of local enterprises on the local market.
However, Chantal Elombat Mbedey has made a clarion call for enterprises to seize the opportunity of the National Upgrading Programme of the government of Cameroon that targets 600 enterprises in the next four years to have their businesses funded by FAGACE. Jean Marie Dombra stressed FAGACE’s commitment to stay closer to the economies of its 14 member countries; Cameroon, Benin, Burkina Faso, Central Africa Republic, Congo Brazzaville, Côte d’Ivoire, Guinea-Bissau, Mali, Mauritania, Niger, Rwanda, Senegal, Chad and Togo, through financial support.
Designing feasible business plans, sourcing for funding and the follow-up of start-ups, according to the FAGACE boss is daunting. It is only by partnering with the Enterprise Upgrading Office that FAGACE can efficiently contribute to Cameroon’s vision of upgrading and restructuring industrial enterprises by staying closer to business persons.