BCEAO releases $ 6 billion for West African economies

The BCEAO has just made a liquidity injection of 3350 billion FCFA ($ 6 billion) at a fixed rate of 2% in favor of several banks of the UMOA. A total of 87 financial institutions participated in the operation. The Central Bank of West African States (BCEAO) made a further injection of liquidity to its member countries last week. In total, 3350 billion FCFA ($ 6 billion) were disbursed by the institution.

During the auction on September 14, 87 banks in the sub-region obtained an injection of liquidity at a fixed rate of 2%. With more than 1000 billion FCFA ($ 1.8 billion), it is the Ivory Coast which obtained the most important financing, ie 31% of the funds injected.

It is followed by Senegal with more than 580 billion FCFA ($ 1 billion), Mali with 466 billion FCFA (835 million $), Benin with 434.5 billion FCFA (777 million $) and Burkina Faso with 318 billion FCFA. ($ 569 million). Niger with 241.6 billion FCFA ($ 432 million), Togo with 219 billion FCFA (…

Innovation zones generating growth in Canada

In a context where the world economy is slowing down, Quebec’s economic growth is outpacing that of the main markets of developed economies, particularly that of Canada. Indeed, according to the International Monetary Fund ("IMF"), the growth of advanced economies would average 1.7% since 2019 and should be around 1.6% for 20211. However, Quebec is positioning itself as a leader thanks to economic growth of 3.5%, which represents the best performance among the 20 largest metropolitan regions in North America.
Innovation zones generating growth in Canada

Several factors explain this dynamism specific to the Quebec market, including the establishment of innovation zones, the fruit of a government investment of more than $ 345 million made, among other things, to support the development of 18 regional innovation poles.

It is obvious that with this investment, the provincial government is betting on innovation as a factor of growth, success and prosperity for Quebec.

One of the competitive advantages of Quebec is of course the proximity between the different protagonists of the market. However, the regional innovation poles are precisely aimed at bringing together entrepreneurship, creativity and innovation in different geographic sectors of Quebec, in order to stimulate collaboration and cooperation between the various socio-economic players in the market. These innovation zones will therefore be places of exchange and co-development where the proximity of stakeholders will allow technological advances in a specific theme.

Since May 2019, each region is now free to develop its sector of activity according to the specialization of each of these regions. In the current context of free trade, the regions are more and more led to develop a specific specialty having regard to the cost of the resources at its disposal. The innovation clusters are part of this need to make Quebec more competitive on the international scene.

In addition to facilitating the transition from the idea to the market and making the transition to sustainable growth, the innovation zones will have to provide mechanisms capable of attracting private, local and foreign investments, with the aim of 'increase the productivity of our businesses.

According to the accounting firm Mallette SENCRL, which was involved in the first phase of this government initiative, the success of any innovation zone project requires a common regional vision beforehand. “It is by taking into account the territorial realities of each zone that an innovation zone project will be able to generate wealth, increase the export potential, facilitate access to local and foreign investments and multiply the opportunities for strategic partnerships for user companies, ”said Marco Murray, CPA, CMA, Partner - Consulting Services at Mallette.

Taking into account the distinctive strengths of each stakeholder in the innovation zones is becoming essential, and it is the pooling of these forces that will create real added value for the whole territory.

This concentration of companies and institutions in the same sector within different innovation poles not only predisposes innovative companies from these regions to consult with each other, but also brings them closer to a set of complementary industries. such as research centers, universities, government institutions and business associations. These interactions between the different market players create considerable synergies that benefit the entire province.

Following the adoption of Bill 27, namely the Act mainly concerning government organization in matters of economy and innovation, Investissement Qu├ębec's mandate was considerably extended in order to strengthen the supranationalization of businesses, their productivity and their competitiveness.

In this context, the development project of regional innovation poles remains all the more topical since it aims to increase the commercialization of innovations and to make Quebec a pole of attractiveness for private, local and strangers. It makes sense to put in place structures and processes that encourage innovation, the sharing of ideas, risk-taking and openness.

Mario Charpentier, founding partner and co-manager of the BCF Corporate Finance group, can help you seize the right growth opportunities for your business.