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Project financing: Mali and Senegal obtain more than 11 billion FCFA in guarantees

12/08/2021
Categories: General Information

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As part of the signing of Agreements between the African Solidarity Fund (FSA), the Malian Solidarity Bank (BMS) SA and Coris Bank International Senegal, more than 11 billion FCFA in guarantees have been made available to Mali and Senegal for project funding.

                       

Through this agreement, the FSA thus grants a guarantee to the two banks to enable them to finance certain projects in their respective countries. Thus, the counter-guarantee of 3.1 billion by the FSA to the BMS will enable it to finance an import operation of 9,000 tonnes of white rice and 8,000 tonnes of sugar by the Malian company of Diangana Bassaro et Fils (SODIBAF) . SODIBAF was financed by the Malian Solidarity Bank (BMS) SA to the tune of 4 billion FCFA, to facilitate this import operation of two consumer products. As for Coris Bank International Senegal, it received a guarantee of 1.5 FCFA which will enable it to partially finance the construction project of a hotel and sports complex in Diaminiado (Senegal) by the company Dakar Diaminiado Sports City (DDSC ). This guarantee is in addition to those already granted by the FSA to the National Bank for Economic Development of Senegal (BNDE) for an amount of 4.5 billion FCFA and to the West African Development Bank (BOAD) for an amount of 5.25 billion FCFA, i.e. a total guarantee of 11.25 billion FCFA.

The project being carried out by the DDSC has a total cost of approximately 32 billion 148 million FCFA. It is financed with equity (30%) and bank loans from BOAD (33%), the National Bank for Economic Development of Senegal (28%) and Coris Bank Senegal (9%). It is the Director General of the African Solidarity Fund (FSA), Mr. Ahmadou Abdoulaye Diallo and the representative of the Director General of the Malian Solidarity Bank (BMS), SA, Mr. Sourakata Coulibaly and the President of the Malian Company Diangana Bassaro et Fils (SODIBAF), Mr. Mamadou Diangana who affixed their signatures to the agreement documents.

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