Benin/Entrepreneurship and economic development in Africa: TechnoServe and Fagace sign a partnership
The partnership between the African Guarantee and Economic Cooperation Fund (Fagace) and TechnoServe is established. The two institutions have materialized this Thursday, July 8, in the premises of Fagace in Cotonou, through the signing of an agreement. It is based on the common objectives of the two institutions relating to economic development and recognizes their complementarity in terms of the services they can offer to the population.
TechnoServe and the African Guarantee and Economic Cooperation Fund (Fagace) are joining hands to fight poverty in Africa. This resulted in the signing of a partnership agreement between the two institutions on Thursday. More than a commitment, the act aims to further promote entrepreneurship on the continent.
"TechnoServe and Fagace define the framework, conditions and terms of cooperation between their two institutions to pool their skills, know-how and financial resources for the promotion of entrepreneurial initiatives in Africa," says the joint press release.
This memorandum of understanding seals their formal commitment to work together to improve the quality of life of people living in their countries of intervention. "We are convinced that through the provision of appropriate technical assistance and appropriate and preferential financing mechanisms, significant results can be achieved in the development of the countries in which we operate. For us, it is a question of working hand in hand, in permanent consultation in order to be useful in the countries of intervention, to accompany the rural entrepreneurs for more performance", assures Ngueto Tiraïna Yambaye, Fagace's general manager.
Fagace and TechnoServe have come a long way in Benin, on the continent and in the world. They respectively claim 44 and 52 years of experience in supporting grassroots development and serving the people.
"For now, Fagace is active in fourteen countries and TechnoServe covers thirty countries worldwide. Our two organizations together cover four countries namely Benin, Côte d'Ivoire, Rwanda and Burkina Faso," he explains.
The two partners intend to go further. "This will allow a strong complementarity of intervention at the level of these countries to make a difference in the results that will be achieved in terms of development at the grassroots," Ngueto Tiraïna Yambaye is convinced.
Prosperity in Africa
This partnership is first and foremost a reason for pride and determination for TechnoServe, which is signalling its performance in agriculture, coffee, cashew, entrepreneurship, food preparation and micro-commerce. In five decades, millions of lives have been transformed through the improvement of farms, businesses and industries. The organization does not intend to rest on its laurels.
"It has been ranked the number one non-profit organization for poverty reduction. As an impact to date,
298,000 beneficiaries of which 39% are women have been reached, $188 million is the increase in income and wages generated as a result of our work. TechnoServe has facilitated the mobilization of $27 million in loans and equity from financial institutions to farmers and businesses," boasts Larry Umunna, TechnoServe's Regional Director for West Africa.
Benin is on the shortlist. "In Benin, through the headquarters agreement with the government alone, TechnoServe has so far reached nearly
90,000 beneficiaries, 45% of whom are women.In Benin alone, through the headquarters agreement with the government, TechnoServe has so far reached nearly 90,000 beneficiaries, 45% of whom are women, and generated nearly US$54 million in increased income and wages, as well as facilitating US$1.6 million in loans and equity funding to farmers and businesses from financial institutions," he says.
The Competitiveness and Integrated Growth Projects (Pcci), Benin Cajù, BeniBiz and Digital Agriculture are some of the initiatives TechnoServe is involved in. It will benefit from Fagace's support, among other things by guaranteeing financing for producers and other beneficiaries.
Thanks to the implementation of this partnership, it is hoped that the impact will be multiplied on a large scale. "We are delighted with this, as it not only reinforces our mission to continue working with enterprising parties in developing countries to build competitive farms, businesses and industries to help them get out of poverty.We are delighted because it reinforces our mission not only to continue to work with enterprising parties in developing countries to create competitive farms, businesses and industries to help them emerge from destitution, but also to build effective partnerships with a view to amplifying the impact of our actions," says Ngueto Tiraïna Yambaye.
The two organizations are convinced that this partnership based on trust and complementarity will be unique in Africa and will bring prosperity to the continent.