The 37th ordinary session of the Board of Directors of the African Guarantee and Economic Cooperation Fund (FAGACE) was held on December 17, 2012 in Cotonou (Republic of Benin) under the chairmanship of Mr. Sory Ibrahima DIARRA, Administrator representing the Republic of Mali, President in office.
With the exception of Côte d’Ivoire, all other member states of the Fund took part in this Session: Benin, Burkina, Cameroon, Central African Republic, Congo, Côte d’Ivoire, Guinea Bissau, Mali, Mauritania, Niger, Rwanda , Senegal, Chad, Togo.
At the opening of the ceremony, the current Chairman of the Board of Directors, after welcoming the Directors, in his speech, recalled the context in which the meetings are being held, marked externally by the timid relaunch of the economic growth in some Member States and the persistence of political crises in others. Internally, he highlighted the progress recorded at the level of the Fund characterized by the effective resumption of operational activities in relation with strategic international financial partners.
For the current President, in view of the succession of positive results recorded by FAGACE since 2010, it is once again essential that the directives and means necessary to revitalize the Institution are given to the General Management. , taking into account the regional and international economic context and new financial market regulations which require compliance with certain strategic standards.
Following this speech, the Council, during its work, examined the files submitted for its assessment by General Management.
He thus approved five (05) requests for intervention including:
four (04) downstream for a total amount of 12,302,000,000 FCFA for the benefit
a project to create an agro-industrial sugar complex initiated by the Justin Sugar Mills Company in Cameroon;
a project to build high-end villas initiated by the Mauritanian Society for Real Estate Promotion and Management (IMAR);
a project to set up a marble extraction, processing and marketing unit by the company POMAR TOGO SA.TOGO;
a project to establish a guarantee line for the benefit of ORABANK TOGO to promote the financing of development projects initiated by SMEs/SMIs in Togo
one (01) interest rate bonus for an amount of 492,187,500 for the benefit of the Islamic Republic of Mauritania for the completion of a project to construct a high-voltage electrical line between the political capital Nouakchott and the economic capital Nouadhibou.
With these new approvals, FAGACE’s interventions for the benefit of its member states amount to 294,725,000,000 FCFA downstream and 6,867,188,000 FCFA in interest rate subsidies.
Furthermore, after examination, the Board approved the financial situation as of June 30, 2012 of the Fund and adopted the budget presented by the General Management for the 2013 financial year.
It also approved the resumption of the activities of the Operations Committee under specific conditions before examining other files relating in particular to the efforts carried out for the mobilization of new resources and the recovery of the Institution’s debts.
At the end of its work, the Board of Directors warmly thanks His Excellency Dr. Boni YAYI, President of the Republic, Head of State, Head of Government, and all of the Beninese people for the warm and fraternal welcome which was reserved for him as well as for all the facilities which enabled his meetings to be held in the best conditions.
Done in Cotonou, December 17, 2012
President in office
Mr.Sory Ibrahima DIARRA
Member countries: Benin
