Financing micro, small and medium enterprises in Congo
In the context of Congo’s economic and entrepreneurial development, the Congo Entrepreneurship Guarantee Fund (FOGEC) recently granted $1.8 million in funding to 90 managers of micro, small and medium-sized businesses spread across fifteen provinces. from the country. This initiative aims to support and encourage the growth of these businesses.
Thanks to this funding package, beneficiary entrepreneurs can develop their projects with checks ranging from $1,500 to $50,000, depending on the size of their business and the project presented. This initiative helps encourage Congolese entrepreneurship and contribute to job creation and economic growth.
The annual interest rate set at 5% and the three-year maturity offer favorable conditions for entrepreneurs to repay their financing. These conditions are made possible thanks to the partnership between FOGEC and the country’s commercial banks, notably Ecobank and BGFIBank, which guarantee the loans granted.
Beyond the financial aspect, FOGEC also works in collaboration with the National Agency for the Development of Entrepreneurship (ANADEC) in order to develop specific mechanisms promoting entrepreneurial vocation in all provinces of the country. The goal is to reach total funding of $5 million by the end of the year, to support approximately 500 entrepreneurs.
This initiative is part of the vision of the President of the Republic aimed at creating Congolese millionaires and stimulating the economic development of the country. It helps to give local entrepreneurs a chance and encourage the emergence of a dynamic and prosperous economy.
The Minister of Foreign Trade, representing his colleague in charge of SMEs, underlined the importance of tax citizenship and called on the beneficiaries to serve as an example for their peers. He also encouraged entrepreneurs to use this financing responsibly and strategically, in order to maximize economic benefits and job creation.
This funding granted by FOGEC demonstrates the Congolese government’s commitment to supporting local entrepreneurship and promoting the country’s economic development. By offering advantageous conditions and encouraging innovation and creativity, these initiatives help to create an environment conducive to the development of Congolese businesses.
Sources:
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