Minister De Croo supportive of SME development during Seminar on Development through Investment
The Belgian Investment Company for Developing Countries (BIO) and the Corporate Governance in the DR Congo Fund, managed by the King Baudouin Foundation, have organised a first seminar on Thursday 23 October in Brussels on "the challenges and opportunities for Small and Medium-sized Enterprises in developing countries", with an opening speech by Deputy Prime Minister and Development Cooperation Minister Alexander De Croo.
Kinshasa, 26 September 2014 – Today the first General Assembly and meeting of the Board of Directors of FPM SA (Fonds pour l’inclusion financière en République Démocratique Congo) takes place in Kinshasa, the Democratic Republic of the Congo (DRC). FPM SA (FPM), a new Fund for Financial Inclusion will support financial institutions targeting small and medium enterprises in DRC. This new financial instrument will complement “FPM ASBL” which has been operating in the DRC since 2007 and focuses on providing Technical Assistance (TA) to Congolese Finance Institutions. More than 50 TA-projects have been carried out so far.
As foreseen by the new Law on the Belgian Investment Company for Developing Countries (BIO) of January 2014, a first management contract between BIO and the Belgian State was adopted and published in the Belgian Official Journal last April 2014. It details the missions, values, principles, main strategic pillars and methods for BIO’s interventions for 2014 - 2018. It also specifies BIO’s financing terms by the Belgian State and emphasises the importance of all actors of the Belgian Development Cooperation collaborating and using their complementarity to a maximum. This with the aim to create access to finance for micro, small and medium-sized enterprises (MSME) and enterprises of the social economy in the countries of intervention.
Brussels, March 26th, 2014 – Belgian Investment Company for Developing Countries (BIO) has led an INR 300 Million (USD 5 Million) Series B investment in Annapurna Microfinance Pvt. Limited. Incofin IM’s Rural Impulse Fund II, an existing investor in the microfinance institution, also participated in this Series B round of investment.
On December 5th 2013, the Belgian Chamber of Representatives approved a new law modifying the Law of 2001 addressing the constitution of BIO, Belgian Investment Company for Developing Countries. BIO is delighted with this new law, which turns BIO into the reference on local private sector financing within development cooperation.
Avant tout, il est utile de rappeler que le projet est soutenu ou cité en exemple par les plus grandes autorités en matière de sécurité alimentaire : la FAO et le rapporteur spécial des Nations Unies sur le droit à l’alimentation, Olivier de Schutter qui dit du projet : « Je me réjouis du soin apporté par Addax Bioenergy aux études d’impact et à l’écoute de la population. C’est une expérience pilote ; si celle-ci ne réussit pas, cela signifiera que rien ne marche ». Le projet est également perçu positivement par nombre d’organisations de la société civile sierra léonaise* , et a fait l’objet de nombreux rapports et articles positifs ou plus pondérés**.