Finéa and the Caisse des Marchés Publics (Goverment Procurement Fund) of Senegal establish a strategic partnership
In the presence of Mrs Latifa Echihabi, Secretary General of the CDG and President of Finéa, and Mr Mamadou Lamine Sylla, Chairman of the Board of Directors of CDMP - SA, Finéa, subsidiary of the CDG Group, represented by Mr Ali Bensouda, Chief Executive Officer, and the Caisse des Marches Publics (CDMP SA), a subsidiary of Caisse des Depots et Consignations of Senegal, represented by Cheikh Mbacké Dieng, Chief Executive Officer, signed a strategic partnership on Friday, January 19, 2018, aimed at facilitating the launching and development of CDMP SA activities in Senegal.
The Government Procurement Fund (CDMP) of Senegal thus relies on the expertise accumulated and developed by Finéa in support of Moroccan SME/VSEs in access to the financing of their activities and in public commissions to succeed in the creation and development phase of CDMP’s projects and activities in Senegal.
The agreement will ensure the establishment of a knowledge transfer cycle between the two entities that will enable the CDMP SA, as part of its mission to support SMEs and very small businesses in Senegal, to facilitate access to financing, better participation in public procurement and more effective and efficient management of their markets.
Thus Finéa will respond to the needs expressed by the CDMP SA through a methodological and technical contribution which takes shape in four well-defined areas:
1. Sharing of information in financing the needs generated by the completion of public contracts and the development of financial products for an institution comparable to the Caisse des Marchés Publics;
2. Contribution to strategic thinking in defining the objectives and orientations of the CDMP SA ;
3. Technical advice and methodological support to the CDMP SA in the development of its financing and support products for SMEs / VSEs;
4. Assistance in the training, upgrading and overall improvement of the staff of CDMP SA.
This new specific agreement is part of a more comprehensive collaboration between CDG and the Caisse Sénégalaise, focusing on the areas of social welfare, pension systems, civil engineering, financing of small and medium-sized enterprises, as well as methods and tools for management, financial management of funds and training.
The two Funds are also collaborating within the framework of the development project in Dakar for the West African Business City.
About the CDMP SA
Founded in 2016, Caisse des Marches Publics SA (CDMP SA), a subsidiary of Caisse des Dépôts et Consignations du Senegal (CDC), serves as accelerator lever for SMEs / VSEs for better access to public markets. Its objectives are as follows:
- Provide SMEs / VSEs with alternative financing products adapted to all stages of the execution of public procurement;
- Shorten the deadlines for public procurement by improving the availability of financing solutions and resources for SMEs / VSEs;
- Ensure a satisfactory level of return and risk compared to the funds invested in the framework of the financing granted, in order to perpetuate the new systems to be put in place;
- Allow the CDC to take charge of its general interest mission to finance SMEs / SMIs.
About Finéa
Finéa, a subsidiary of the CDG Group, contributes to Moroccan companies, especially SMEs / VSEs, and their development by offering tailor-made, innovative and adapted solutions allowing them easier access to financing. It thus aims to further democratize access to the financing of the SME / VSEs as part of its dual "general interest - profitability" mission; a mission assigned to it by its parent company, the Caisse de Dépôt et de Gestion (CDG).
It thus combines financing, guarantee, refinancing and co-financing, in line with its strategic development plan and positioning as a supporting institution. Finally, Finéa is complementary to the Moroccan banking sector and national stakeholders in the ecosystem of micro, small and medium enterprises.