The 2nd Ordinary Session of the Council of Governors of the African Guarantee and Economic Cooperation Fund (FAGACE) was held on February 12, 2010, in Cotonou in the Republic of Benin under the chairmanship of Mr. Pierre TITTI, Minister Delegate to the Minister of Finance , Budget Officer of Cameroon, President in office.
All Member States were present at this Session: Benin, Burkina Faso, Cameroon, Central African Republic, Ivory Coast, Guinea Bissau, Mali, Mauritania, Niger, Senegal, Rwanda and Togo.
In his opening speech, Mr. Pierre TITTI, after reiterating his country’s commitment and unwavering support to FAGACE, emphasized the need for the Council of Governors to take important decisions relating to the operation and to the development of the Institution’s activities. Among these, he underlined, is the urgency for Member States to give the Fund the appropriate means to enable it to relaunch its activities in the short term.
Previously, the acting Director General of FAGACE, Mr. Henri-Marie DONDRA, in his speech, emphasized the current worrying situation of the Institution and the need to strengthen its financial resources. It is with this observation that he submitted to the authorities two files relating in particular to the appeal of a tranche of capital and the implementation of a short-term recovery plan.
The meeting of the Council of Governors was preceded by the 32nd session of the Board of Directors held on February 11, 2010, which submitted the report of its work to it.
In examining the items on its agenda, the Board of Governors paid particular attention to the said report, which allowed it to become aware of the results of the work of the last sessions of the Board of Directors.
At the end of the examination of the conclusions and recommendations of this report, the Board of Governors congratulated the members of the Board of Directors and the General Management for the qualitative results obtained.
It then examined and approved the implementation of a Short-Term Recovery Plan (PRCT 2010-2011) which provides for the call of a large tranche of capital to strengthen the financial resources of the Fund.
To this end, an extraordinary meeting of the Board will be held in the second quarter of 2010 with a view to setting the level of capital to be released.
By adopting this Short-Term Recovery Plan (PRCT 2010-2011), the Council of Governors reflects its attachment to the future of this economic and financial tool for regional integration.
Furthermore, the Council has taken important measures relating in particular to:
the dismissal of Mr. Libasse SAMB from his functions as Director General of the African Guarantee and Economic Cooperation Fund (FAGACE), effective November 12, 2009, for serious misconduct;
the appointment of Mr. Henri-Marie J. DONDRA, of Central African nationality, who until today was acting as General Management, as General Manager, to complete the mandate of the outgoing General Manager.
The Council further took note of:
of the draft budget for 2010 approved by the Board of Directors;
of the draft cooperation agreement with ECOWAS, the signature of which is authorized by the Board of Directors.
Finally, the mandate of Cameroon as President having come to an end, the Council of Governors, in accordance with the agreed principle of rotation, decided to entrust to the Republic of Côte d’Ivoire, the Presidency of the Bodies of the Institution for the 2010 financial year.
At the end of its work which took place in an atmosphere of frank cordiality, the Council of Governors expresses to His Excellency, Doctor Boni YAYI, President of the Republic, Head of State, to the Government and to the People of Benin, its deep gratitude for the warm and fraternal welcome given to him.
He thanks the Beninese Authorities for the valuable assistance and particularly effective support from which he benefited throughout his meetings.
Done in Cotonou on February 12, 2010
Mr Pierre TITTI,
Minister Delegate to the Minister of Finance, Responsible for the Budget of Cameroon, President in office
Member countries:
Benin, Burkina Faso, Cameroon, Central African Republic, Congo Brazzaville, Ivory Coast, Guinea-Bissau, Mali, Mauritania, Niger, Rwanda, Senegal, Chad, Togo
