Organization:African Solidarity Fund
The African Solidarity Fund (ASF), more commonly known by its French name and acronym (Fonds de Solidarité Africain, FSA), is a multilateral financial guarantee institution based in Niamey, Niger. The mission of the ASF is to facilitate the economic development of its African member states by playing the role of catalyst of the financial systems with a view to enabling states and public and private enterprises, on the one hand, to access credit intended for financing of productive investment projects and, on the other hand, by facilitating the mobilization of local and external savings, in particular by guarantee interventions on the financial markets[1].
Historic overview
1976: Signature of the Agreement creating the ASF on 21 December 1976[2]
1979: Launch of operations[3]
Vision and mission
Vision: Reinforcing our status as a strong and innovative institution, a preferred partner of key players in economic development, offering diversified, adapted and competitive guarantee and financing products[4].
Mission: Striving for economic development and the fight against poverty in member States by facilitating investment project financing in both public and private sectors (States) as well as in microfinance activities[5].
Member States
The current member states are (situation 2018) Benin, Burkina Faso, Burundi, Central African Republic, Côte d'Ivoire, Gabon, Guinea-Bissau, Mali, Mauritius, Niger, Rwanda, Senegal, Chad and Togo[6].
Organization
The principal organs of the ASF are:
- The General Assembly comprising the Ministers of Finance of the Member States[7]
- The Board of Directors with one administrator per member state[8]
- The General Direction[9]
The principal organs guiding ASF's operations are:
- The Higher Intervention Committee (CSI) exercises the prerogatives of the Board of Directors in matters of interventions by the ASF for all cases where the amount is greater than 500,000,000 FCFA.
- The Restricted Credit Committee (CCR) exercises the prerogatives of the Board of Directors for interventions, the ceiling for individual approval of which is set below an amount of 500,000,000 FCFA per intervention[10].
The mobilization and allocation of resources
The financial resources of the ASF consist of endowments resulting from shareholder capital payments, operational revenue, investment gained from earnings, grants, resources allocated to specific tasks related to third-party fund management and revenue from fixed deposits.
The ASF intervenes in all sectors of the national economies of its member states, notably in basic infrastructure, industry and energy.
Le ASF intervenes in all stages of economic activity including enterprise creation, expansion and/or strengthening of operational capacities and restructuration[11].
The techniques of intervention
The principal techniques of intervention are the guarantee, refinancing, interest rate subsidies, stake acquisition, third party fund management and arranging and structuring of financing for small and medium-size enterprises (SMEs)[12].
Rating
The ASF has undergone external audits by the West Africa Rating Agency (WARA) in 2018 and 2019. The most recent rating was AA + / Stable / w-2 at the regional level[13].
References
- ↑ "Le FSA en bref". https://fondsolidariteafricain.org/index.php?option=com_content&view=article&id=616&Itemid=573.
- ↑ "Aide publique au développement" (in fr). 1977. pp. 648-699. https://www.persee.fr/doc/afdi_0066-3085_1977_num_23_1_2059.
- ↑ https://fondsolidariteafricain.org/images/stories/presentationFSA2017/Presentation_duFSA.pdf
- ↑ See https://fondsolidariteafricain.org/images/docsSecret/Rapport-FSA-2018.pdf page 4
- ↑ See https://fondsolidariteafricain.org/images/docsSecret/Rapport-FSA-2018.pdf page 4
- ↑ See Activity Report 2018 at https://fondsolidariteafricain.org/images/docsSecret/Rapport-FSA-2018.pdf
- ↑ See FSA presentation at https://fondsolidariteafricain.org/images/stories/presentationFSA2017/PPTPresentationEnglish.pdf
- ↑ See https://fondsolidariteafricain.org/images/docsSecret/Rapport-FSA-2018.pdf pages 10-12.
- ↑ See https://fondsolidariteafricain.org/images/docsSecret/Rapport-FSA-2018.pdf page 13
- ↑ See https://fondsolidariteafricain.org/images/docsSecret/Rapport-FSA-2018.pdf pages 41-42
- ↑ See PTF/PDF sur https://fondsolidariteafricain.org/images/stories/presentationFSA2017/Presentation_duFSA.pdf
- ↑ See https://fondsolidariteafricain.org/images/stories/presentationFSA2017/Presentation_duFSA.pdf
- ↑ https://www.wara-ratings.com/notations/fsa/
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