The 28th session of the institution’s Board of Directors produced an abundant harvest.
The 28th session of the Board of Directors of the African Guarantee and Economic Cooperation Fund (Fagace), chaired by Cameroon’s Minister of Finance, Essimi Menye, came to a close yesterday, with resolutions that are sure to give this institution a new face. The first item on the agenda was favourably examined. It concerns the revision of the basic texts, notably the Articles of Association, the text on the commitment of decision-making powers, the successive texts on the financial regulations, and the internal regulations of the Board of Directors and the Board of Governors. And that’s not all. The staff regulations were also adopted, while adoption of the internal staff regulations was deferred due to the clause relating to expatriate salaries.
With regard to the strategic development plan and the new organization chart, which outline the new face of the Fund, the directors increased the capital to 100 billion CFA francs from the previous 30 billion. The third and final item on the Board’s agenda, requests for new memberships and interventions, were also approved. The Seme company’s request to extend its mineral water production plant and hotel complex was favourably considered.
Member countries : Benin Burkina-Faso Cameroon Central African Congo Brazzaville Côte d’Ivoire Guinea-Bissau Mali Mauritania Niger Rwanda Senegal Chad Togo
