The State and its partners take action

The Comoros Guarantee Company (Sogak) was officially launched on May 13, 2025, in Moroni. The company offers two windows to help entrepreneurs access financing more easily.

The first, with a budget of 300 million Comorian francs (USD 681,960), targets the tourism, agriculture, crafts, blue economy, and small industries sectors. The second, larger one, mobilizes 1.2 billion Comorian francs to support other areas of development.

During the launch ceremony, President Azali Assoumani emphasized that access to financing remains one of the major obstacles for young project leaders. “This company comes at the right time to support small and medium-sized businesses,” he said.

The Head of State also emphasized the need to combat corruption to establish a climate of trust. Azali Assoumani affirmed that the justice system must fully play its role. “The time for favoritism and embezzlement is over. I am determined to act firmly,” he added.

The Managing Director of SOGAK, Fahar El Dine Mohamed, stated that the company’s main mission is to provide guarantees in the form of financial commitments by managing the funds entrusted to it. The CEO explained that the two windows allow it to meet the specific needs of several key development sectors.

The Minister of Finance, Ibrahim Mohamed Abdourazak, indicated that SOGAK was born from a partnership between the State, local banks, the Chamber of Commerce, and other private stakeholders. The initial capital amounts to 300 million Comorian francs.

For his part, the French Ambassador to Moroni, Sylvain Riquier, announced that his country is supporting the project through the French Development Agency. The Diplomat specifies that aid of EUR 3.2 million has been mobilized, including 1.5 billion Comorian francs paid into a guarantee account with the Central Bank of the Comoros.