The Community of the Sahelian-Saharan States (CEN-SAD) Executive Council has decided to set up an investment guarantee agency for the Sahelian-Saharan Bank for Investment and Trade (BSIC), according to a statement issued at the end of its 16th session in Cotonou.
According to the statement, which was made available to PANA, the executive Council of the CEN-SAD has decided to set up the investment guarantee agency mainly on modern infrastructures.
To help the bank develop its activities and further support the fight against poverty, the executive council urged member countries to provide the community institution with the necessary means, including increasing their share capital interest.
Among other recommendations made by participants at the 16th session of the council are the need for the stakeholders to fulfil their pledges to pay the arrears in the share capital, the increase in member countries’ share capital in the bank, as decided by the bank’s annual general meeting held last January, and the establishment of the fund recommended by the FAO to fight poverty.
