Multinational - CEMAC: Central African Financial Sector Deepening Support Project (PASFIC)


Project Summary

Approval Date 29 Jun 2021
Signature Date 20 Sep 2021
Planned Completion Date 31 Dec 2024
Sovereign / Non-Sovereign Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 2,500,000
Status Implementation

Project General Description

Central African Financial Sector Deepening Support Project (PASFIC) is an institutional support for the implementation of ten (10) priority reforms. This project aimed at strengthening the financial sector in the CEMAC and supporting the key reforms of Pillar 2 "Monetary Policy and Financial System" of the PREF CEMAC as well as the BEAC's strategic plan. It will improve the performance of the unified financial markets, particularly in terms of resource mobilization and raising the number of listings on the stock market. PASFIC will also boost banking transparency and financial inclusion to consolidate the performance of the regional financial system and ensure greater participation by more stakeholders, especially women entrepreneurs. The Project will support technical capacity building of regional financial institutions, private sector experts and government officials. It has three (3) components: (i) support to the financial market; (ii) support for banking transparency and financial inclusion and (iii) capacity building and project management.

Project Objectives

The project's overall objective is to promote the development of CEMAC's financial system for improved financing of the economies.

Beneficiaries

The direct beneficiaries are BEAC, BVMAC (unified stock exchange), the sole regulator COSUMAF, the single central depository, and economic agents. Other indirect beneficiaries are the CEMAC financial sector, the private sector, all community households, local companies including those run by women, local subsidiaries of multinationals, regional holding companies, leading companies in their sectors at national level, high growth SMEs, etc.

Participating Organization

Funding
African Development Fund
Implementing
SECRETARIAT EXECUTIF DE LA CEMAC

Information

IATI identifier 46002-P-Z1-H00-029
Last Update 01 Dec 2021

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Contact Details

Name MBENG MEZUI Cedrique Achille
Email c.mbengmezui@afdb.org

Geographic Location

Country Multinational