The operational capacities of the Fonds Africain de Garantie et de Coopération Economique (FAGACE) are to be strengthened by the release of a capital tranche amounting to FCFA 16.3 billion. This was decided by the Board of Governors of FAGACE, which held its 1st Extraordinary Session in Abidjan on May 31, chaired by Mr Charles Koffi DIBY, Côte d’Ivoire’s Minister for the Economy and Finance, and current Chairman of the Board.
This measure, which is designed to support the recovery plan and revitalization of the institution’s activities devised and implemented by the new Managing Director, Mr Henri-Marie DONDRA, follows the encouraging results achieved by the latter since taking up his post on November 12, 2009.
Indeed, while the Institution’s situation was critical prior to his appointment as Managing Director, Mr. H.M. DONDRA has been relentlessly committed to revitalizing this financial tool at the service of economic and financial development in Africa, which the most pessimistic were predicting would soon disappear.
Having made the mobilization of financial resources for the benefit of the Fund his main objective for the relaunch of its activities, it is safe to say that, with this recapitalization decision obtained after only 6 months in office, Mr. H.M. DONDRA, who is well acquainted with the African and international financial world, has just achieved a feat.
A feat that should undoubtedly enable him to move on to the second stage of his objectives, i.e. to increase the institution’s contribution to the economic and social development of member states, with an emphasis on high value-added projects, in strict compliance with prudential standards.
In view of the new dynamic that the new manager has instilled within the Institution, and the current determination of all his colleagues to rise to the challenge, it is clear that the days ahead will see the mobilization of substantial financial resources, with the support of FAGACE, for the realization of development projects in our States.
