African Solidarity Fund to help COFINA raise CFA5 billion for expansion

Finance

Monday, 27 September 2021 11:18

African Solidarity Fund to help COFINA raise CFA5 billion for expansion

(Togo First) - The African Solidarity Fund (ASF) will help COFINA -an Ivorian meso-finance group- raise CFA5 billion for its expansion in West Africa, and Togo especially.

The two signed a guarantee agreement in this framework on Sept. 22. In line with the agreement, the funds will be raised by COFINA’s holding, Compagnie Transnationale d’Investissement (CTI), from Sunu Participations Holding SA - a financial services company, while ASF will co-guarantee the operation with CFA2 billion (40% of the total financing).

The agreement was signed by Ahmadou Abdoulaye Diallo, CEO of the ASF, and Charles-Eric Moulod, Cofina Group's SG and Cofina-Togo's MD.

"Funds mobilized through this operation will serve to extend and develop the CTI network. Through this operation, the ASF contributes to the development of Cofina, a financial institution specialized in meso-finance that is based in eight African countries (Senegal, Guinea, Ivory Coast, Mali, Gabon, Burkina Faso, and Togo)," said Ahmadou Abdoulaye Diallo, head of the multilateral guarantee institution.

COFINA Togo launched its activities in March this year. Since then, it has partnered with many entities that support local entrepreneurship to impact SMEs and local businesses, especially in the agricultural sector.

The African Solidarity Fund (ASF) will help COFINA -an Ivorian meso-finance group- raise CFA5 billion for its expansion in West Africa, and Togo especially.

The two signed a guarantee agreement in this framework on Sept. 22. Under the agreement, the ASF will, alongside SUNU Participations Holding SA, disburse CFA2 billion (40% of the total financing) to co-guarantee the fundraising.

The agreement was signed by Ahmadou Abdoulaye Diallo, CEO of the ASF, and Charles-Eric Moulod, Cofina Group's SG and Cofina-Togo's MD.

COFINA Togo launched its activities in March this year. Since then, it has partnered with many entities that support local entrepreneurship in order to impact SMEs and local businesses, especially in the agricultural sector.

Ayi Renaud Dossavi

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