2023-11-21 15:10:30
Deposit and development funds play a crucial role in the financing and development of African economies. In response to the gaps observed in administration and entrepreneurship on the continent, these institutions, supported by international organizations such as the African Development Bank (AfDB) and the French Development Agency (AFD), were created to fill these gaps. Mohamadou Youssouf Diagana, Director General of the Caisse de dépôt et de développement (CDD) of Mauritania, speaks on the importance of these institutions on the sidelines of the 15 edition of MADays held in Tangier from November 15 to 18, 2023.
In the interview given to Maroc Diplomatique, Mohamadou Youssouf Diagana, Director General of the Caisse de dépôt et de développement (CDD) of Mauritania, recalls that “The African deposit funds were created mainly following a consultation aimed at overcoming the shortcomings observed in administration and entrepreneurship. They were established by organizations such as the African Development Bank and the AFD. These funds aim to resolve various problems, including the need for financing for entrepreneurship and the current economic situation. Despite their appreciable usefulness, traditional solutions, such as small development programs, often prove limited. »
Deposit and development funds play an essential role in financing infrastructure and development projects in Africa. By mobilizing and investing financial resources, they help promote sustainable and inclusive growth in the national economy. The Caisse de Dépôt et de Développement de la Mauritania (CCD), under the direction of Mohamadou Youssouf Diagana, is actively engaged in financing local projects, in particular by granting financing lines to Mauritanian entrepreneurs.
He underlines the importance of defining a clear political vision and working closely with public authorities to ensure the success of these institutions. He recalls that it is essential that the deposit and development funds work in close collaboration with the ministries of finance and other government institutions. By coordinating their actions with organizations already present on the financial market, they avoid unnecessary duplication and maximize the impact of their interventions.
Exploitation of internal resources
The mission of the deposit and development funds is to mobilize internal resources and transform them into concrete investments. Mohamadou Youssouf Diagana emphasizes the transformation of national savings into sustainable investments, with particular emphasis on notarial investment. He emphasizes that deposits are not used immediately, but are transformed into long-term financing for the country, thus contributing to sustainable economic growth.
On the role of deposit funds in promoting entrepreneurship, he argues that deposit and development funds also play a crucial role in financing small and medium-sized enterprises (SMEs). By establishing specific mechanisms and in partnership with microfinance institutions, they facilitate access to financing for local entrepreneurs. Mr. Diagana highlights the importance of ensuring secure and beneficial transactions for all stakeholders, including economic actors, the State and financial institutions.
Deposit and development funds play a key role in food security and rural development. By ensuring the financial management of the corresponding programs, they contribute to the promotion of sustainable agriculture, the improvement of rural infrastructure and the creation of jobs in rural areas.
Mouhamadou Youssouf Diagana takes over as president of the Caisses de Dépôt Forum
A few weeks ago, Côte d’Ivoire passed the baton of presidency of the Forum des Caisses de Dépôt during its 7th edition which was held in Abidjan on September 26, 2023. This is Mouhamadou Youssouf Diagana, Managing Director of the Caisse de dépôt et de développement de la Mauritania (CDD), which will chair the organization for the next two years.
Created in February 2011, the Forum des Caisses de Dépôt brings together all the deposit funds and its mission is to raise awareness and promote the Caisse de Dépôt model. It serves as a framework for exchanges, sharing of experience and good practices.
The Forum supports the emergence and development of deposit funds, particularly in Africa. Its objective is to promote the role of these institutions in the mobilization and transformation of regulated savings and all forms of savings.
The Abidjan meeting brought together more than 200 guests, with the participation of countries such as Benin, Belgium, Cameroon, France, Gabon, Italy, Morocco, Mauritania, Niger, Senegal and Tunisia. The Forum also welcomed observer member countries such as Congo, Equatorial Guinea, Democratic Republic of Congo and Togo, as well as invited countries such as Burundi. Regional and international development finance institutions, United Cities and Local Governments of Africa (UCLGA), regulatory authorities of monetary and financial markets in the UEMOA zone, banks, financial institutions and investment funds were also present.
During this international conference, four panels were hosted on themes such as “Promoting the Caisse de Dépôt model as an instrument serving economic and sustainable development”, “Investment funds as an instrument to support business financing for the Caisses de Dépôt”, “The contribution of local authorities, deposit funds and other stakeholders to the establishment of mechanisms and instruments for financing projects carried out by local authorities” and “The mobilization of domestic resources by the deposit funds”.
Mouhamadou Youssouf Diagana, as new president of the Forum des Caisses de Dépôt, intends to continue efforts to promote and develop deposit funds in Africa. His experience as Director General of the Caisse de dépôt et de développement de la Mauritania will provide a relevant vision to strengthen the role of these institutions in financing economic and social development on the continent.
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