316:
its portfolio, the ASF's rating benefits from solid capitalisation and substantial liquidity reserves. Recent accessions by member states and financial institutions strengthen its capital position, with positive prospects for the future. The Fund maintains a prudent liquidity policy, with 23% liquid assets, 19% of which are immediately available to meet anticipated needs. The Fund's governance is robust, although there is still room for improvement in the quality of the asset portfolio. The clean-up of non-performing assets in 2023 has significantly reduced the claims ratio, and market and operational risks are well under control. The Fund's stable rating outlook is based on several strong points. GCR expects capitalisation to remain robust with capital expected to be released over the next 12 to 18 months. In addition, the Fund is expected to maintain a strong liquidity profile, and the sector and geographic concentrations of its development portfolio are expected to improve, with prudent management of counterparty risks.
270:(BDEAC). This agreement was signed with a view to increasing the financing of public and private investments in ASF member states. For the ASF, this implied a substantial increase of ASF interventions in the Central African region. In a follow up to this partnership agreement, the BDEAC, ASF and the Gabonese company SERUS Investments SA convened on September 6, 2021 in Niamey, Niger, to sign a guarantee agreement facilitating the construction of a major business and hotel complex in
61:
structural factors - by contributing to the financing of investment projects of particular interest. Fifteen
African States and France participated in the creation of the Fund. The application for membership of three other African countries was accepted by the original members as early as April 1977. In France, the creation of the Fund was the subject of Law no. 77-732 of 7 July 1977.
243:
As of
December 31, 2020, the cumulative approvals of guarantees reached EUR 1,164.1 million, in favor of 442 projects in 15 of the Fund's member states. These interventions enabled the mobilization of financing amounting to EUR 2,252.3 million. In fiscal year 2021, 51 guarantee requests were approved
216:
The authorized capital of the ASF is made up of contributions from its members. African member states of the ASF are category A shareholders. Non-African member states and institutions are category B shareholders. On June 30, 2023, the
Development Bank of the Central African States (BDEAC) became the
67:
The French
National Assembly adopted several amendments to the Agreement establishing the Fund in 1991. Law No. 91-1401 of 31 December 1991 validated changes to the conditions of guarantees of repayment, the headquarters, the resources, the operations, and the organization of the Fund. With regard to
197:
The management of the ASF's internal structures is ensured by the Board of
Governors, the Board of Directors and the Director General. The Board of Governors is composed of the Ministers of Finance of the Member States. The Board of Directors includes one administrator per member state. The Director
311:
At a ceremony held on May 28, 2024 in
Nairobi, Kenya, the ASF was awarded an A rating by the Association of African Development Finance Institutions (AADFI), after having been assessed in terms of its compliance with NDPSE standards (Standards, Prudential Frameworks, and Evaluation System), as well
315:
On July 8, 2024, GCR Ratings (GCR) upgraded the Fund's long-term issuer rating from AA+(WU) to AAA(WU) on its regional scale. The outlook is stable. The upgrade of the ASF's rating reflects its robust financial health and the significant progress made in its activities. Despite the poor quality of
75:
At the end of 2021, a first amendment was adopted by the representatives of the member countries of the ASF concerning several changes to the
Revised Agreement of 2008, particularly with regard to the transfer of powers from the General Assembly to the Board of Governors and the definitions of the
60:
The
Agreement establishing the African Solidarity Fund was adopted by the National Assembly of France and signed in Paris on 21 December 1976. The purpose of the ASF at that time was to facilitate the economic development of the participating African States - mainly States most disadvantaged by
307:
In
November 2023, Moody's Investors Service (Moody's) assigned a Baa1 long-term foreign currency issuer rating to the ASF, with a stable outlook. Moody's rating reflected ASF's moderate capital adequacy, balancing weak asset quality against moderate and improving leverage, the Fund's liquidity
71:
After more than 30 years of existence, the Fund's constituent texts were subject to further revision. Thus, at their meeting on 20 December 2008, held in Niamey, the
Ministers responsible for the Fund adopted the Revised Agreement establishing the African Solidarity Fund. The Revised Agreement
256:(BOAD). Their cooperation agreement was renewed in November 2013. As part of this agreement, the ASF provided both guarantees and interest rate subsidies for several loans. This permitted the BOAD to increase the volume of loans that it provides to investors in the West African region.
263:. The general objective of this partnership is to promote the development of the private sector and the commercial public sector in ASF member countries. Bpifrance wants to thereby strengthen the capacities of the ASF to better meet the needs of investors in its areas of intervention.
72:
entered into force upon notification of its ratification by the majority of signatory States. France, which ratified the Agreement of 21 December 1976 and participated in the activities of the Fund until 2000, is not among the signatories to the Revised Agreement.
68:
the headquarters, Law No. 91-1401 indicates that – even if the Agreement of 21 December 1976 had fixed the seat "provisionally" in Paris – since its creation, the headquarters of the Fund had always been established de facto in Niamey, Republic of Niger.
344:
The ASF is one of the three main multilateral financial guarantee institutions on the African continent, the others being: the African Guarantee Fund (AGF) and the Fonds Africain de Garantie et de Coopération Economique (FAGACE).
303:
The West Africa Rating Agency (WARA), conducted rating exercises in 2018, 2019, 2020 and 2021. In July 2021, WARA assigned an overall rating of AA+ while the outlook was rated positive. WARA's rating reports are available online.
88:
and social progress of its African member states by facilitating, through its intervention techniques, access to the financial resources needed to carry out investment projects and other income-generating activities.
762:
717:
877:
984:"Célébration du 40ème anniversaire du Fonds de Solidarité Africaine (FSA) : Le Premier ministre salue la proposition de faire du FSA une Institution spécialisée de l'Union Africaine - aniamey.com"
353:
Morocco and Sierra Leone joined the ASF in June 2024. Cape Verde, Congo, Comoros, Gambia and Liberia joined in late June 2023. Another 14 countries are in an advanced stage of joining the Fund:
44:
for states and public and private enterprises in its area of operation, to finance productive investment projects, and to mobilize local and external savings, in particular by providing
786:
213:
payments, operational revenue, investment gained from earnings, grants, resources allocated to specific tasks related to third-party fund management, and revenue from fixed deposits.
971:
878:
https://gcrratings.com/announcements/gcr-place-les-notations-demetteur-de-long-terme-aawu-et-de-court-terme-a1wu-du-fonds-de-solidarite-africain-fsa-en-extension-de-revue/
527:
914:
201:
The Specialised Committees include ad hoc and permanent committees that deliberate on operational and institutional matters as mandated by the Board of Directors.
842:
285:
Commission, received the credentials of Mr. Abdourahmane Diallo, Managing Director of the African Solidarity Fund, as observer to the African Union.
787:
https://www.agenceecofin.com/investissement/2406-119722-fonds-de-solidarite-africain-la-badea-soutiendra-une-augmentation-de-capital-de-287-millions
972:
https://www.linkedin.com/posts/fonds-de-solidarit%C3%A9-africain-fsa-8710aa160_les-voyants-du-fsa-sont-au-vert-activity-7047191816508428288-Y5h0/
288:
In June 2024, the Director of the ASF announced an increase in the Fund's capital of around USD 286.8 million, thanks to support provided by the
220:
The ASF intervenes in all sectors of the national economies of its member states, in particular in basic infrastructure, industries and energy.
267:
740:
553:"LOI no 91-1401 du 31 décembre 1991 autorisant l'approbation des amendements à l'accord portant création du Fonds de solidarité africain (1)"
289:
718:"Le Fonds de Solidarité Africain (FSA) et Bpifrance s'associent pour promouvoir le développement des investissements privés en Afrique"
855:
274:, Gabon. ASF agreed to guarantee 60% of the proposed investment loan, amounting to the equivalent of about US$ 2.74 million.
668:
763:"Le Fonds de solidarité africain garant du prêt de 1,8 milliard de FCFA pour le Complexe commercial et hôtelier à Moanda"
237:
308:
position supported by structurally positive net cashflows, and the low strength of member support in case of need.
515:
1010:
20:, also known by its French name and acronym (Fonds de Solidarité Africain, FSA), is a multilateral, financial
253:
236:
subsidies, stake acquisition, third party fund management, and arrangement of structuring the financing for
366:
198:
General is named by the Board of Directors and tasked with the management of ASF's daily operations.
37:
566:
209:
The financial resources of the ASF consist of endowments resulting from shareholder (member state)
114:
775:
594:
486:
333:
122:
259:
In July 2018, the ASF signed a partnership agreement with the French Public Investment Bank
619:
408:, has recommended that the ASF should be transformed into a specialized institution of the
85:
33:
856:
https://adfi-ci.org/fr/aadfi-celebrates-excellence-in-development-finance-with-its-awards/
8:
889:
540:
473:
336:
of ASF's strong performance in terms of operational management and fund administration.
126:
552:
528:"Le Fonds de Solidarité Africain (FSA) devient le 47e Actionnaire de Shelter-Afrique"
370:
210:
300:
The ASF has been the object of numerous independent ratings during the past decade.
32:. Currently it has 23 member states. The purpose of the ASF is to contribute to the
498:
49:
681:
644:
632:
915:"Le Fonds de Solidarité Africain décroche la Certification ISO 9001 : 2015"
695:"UEMOA: la BOAD et le Fonds de solidarité africain actualisent leur coopération"
412:. This recommendation has received the support of the Prime Minister of Niger,
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820:
405:
1004:
409:
325:
282:
233:
142:
580:
502:
413:
394:
178:
102:
843:"Moody's - credit ratings, research, and data for global capital markets"
332:. Compliance with ISO 9001:2015 may serve as an objective and verifiable
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229:
983:
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154:
134:
110:
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266:
On January 25, 2020, the ASF signed a partnership agreement with the
260:
158:
21:
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development of its regional member states by facilitating access to
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Fonds de Solidarité Africain - Ensemble batire une afrique prospère
362:
358:
799:"Agence de notation ouest-africaine agréée par l'AMF-UMOA - WARA"
741:"Le Fonds de solidarité africain signe une entente avec la BDEAC"
386:
378:
174:
162:
146:
118:
106:
485:
Carreau, Dominique; Flory, Thiébaut; Juillard, Patrick (1977).
398:
354:
271:
204:
170:
138:
41:
25:
798:
669:"La Bdeac devient actionnaire du Fonds de solidarité africain"
950:
776:
https://twitter.com/AUC_MoussaFaki/status/1737763943769104660
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166:
130:
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29:
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as its impact on the development of its member states.
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The principal types of intervention are the guarantee,
247:
484:
1002:
252:Since 1996, the ASF has worked closely with the
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682:https://fondsolidariteafricain.org/details/2021
645:https://fondsolidariteafricain.org/details/2021
633:https://fondsolidariteafricain.org/details/2021
84:The mission of the ASF is to contribute to the
567:"Journal Officiel de la Republique du Senegal"
268:Development Bank of the Central African States
487:"Chronique de Droit international Ă©conomique"
290:Arab Bank for Economic Development in Africa
223:
205:The mobilization and allocation of resources
931:. African Guarantee Fund. 31 December 2018
244:for a total amount of EUR 199.8 million.
491:Annuaire Français de Droit International
339:
64:ASF operations began in September 1979.
324:In January 2021, ASF's compliance with
1003:
821:"fonds de solidarite africain - WARA"
581:"Décret N° 2011-321 du 02 avril 2011"
620:"FSA - Fonds de Solidarité Africain"
450:"FSA - Fonds de Solidarité Africain"
447:
217:ASF's first category B shareholder.
97:The 21 member states of the ASF are
55:
739:Financial Afrik (27 January 2020).
448:Africain, FSA-Fonds de Solidarité.
248:Regional and international partners
13:
328:was certified by the UK branch of
238:small and medium-sized enterprises
14:
1022:
419:
330:Veritas Certification Holding SAS
76:purpose and missions of the ASF.
716:Financial Afrik (18 July 2018).
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18:African Solidarity Fund (ASF)
367:Democratic Republic of Congo
7:
10:
1027:
599:fondsolidariteafricain.org
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281:Mahamat, President of the
79:
224:The types of intervention
890:"Certification Services"
115:Central African Republic
867:https://gcrratings.com/
595:"PRÉSENTATION GÉNÉRALE"
516:French government paper
404:The President of Chad,
657:https://www.bdeac.org/
503:10.3406/afdi.1977.2059
277:On December 21, 2023,
1011:International finance
340:Regional significance
24:institution based in
86:economic development
986:. News.aniamey.com
823:. Wara-ratings.com
801:. Wara-ratings.com
48:guarantees on the
894:Bureau Veritas UK
743:. Financial Afrik
720:. Financial Afrik
684:, pages 31 and 37
371:Equatorial Guinea
56:Historic overview
50:financial markets
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951:"Home - FAGACE"
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497:: 648–699.
459:13 December
406:Idriss DĂ©by
320:Performance
279:Moussa Faki
230:refinancing
990:27 January
957:27 January
935:27 January
827:27 January
805:27 January
747:27 January
724:27 January
701:27 January
436:References
391:Seychelles
375:Madagascar
155:Mauritania
111:Cape Verde
929:"English"
899:31 August
647:, page 30
604:22 August
334:indicator
292:(BADEA).
261:Bpifrance
159:Mauritius
22:guarantee
1005:Category
363:Cameroon
359:Botswana
240:(SMEs).
34:economic
541:Rapport
387:Nigeria
379:Namibia
296:Ratings
211:capital
175:Senegal
163:Morocco
147:Liberia
119:Comoros
107:Burundi
80:Mission
399:Uganda
397:, and
355:Angola
272:Moanda
171:Rwanda
139:Guinea
135:Gambia
42:credit
38:social
26:Niamey
383:Sudan
167:Niger
131:Gabon
123:Congo
99:Benin
30:Niger
992:2021
959:2021
937:2021
901:2021
829:2021
807:2021
749:2021
726:2021
703:2021
606:2022
461:2022
187:Togo
185:and
183:Chad
151:Mali
46:loan
36:and
16:The
499:doi
1007::
892:.
597:.
495:23
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