- The Board of Governors of the Fonds Africain de Garantie et de Coopération Economique (FAGACE) held its 7th ordinary session on Wednesday, June 03, 2015 at its premises in Cotonou, under the chairmanship of Mr Degol MENDES, Minister Secretary of State for Planning and Regional Integration of Guinea Bissau representing His Excellency Ambassador Claver GATETE, Minister of Finance of the Republic of Rwanda, current Chairman.
The Governors of Benin, Burkina Faso, Cameroon, Central African Republic, Congo, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Rwanda and Togo were also represented.
The 7th ordinary session of the Board of Governors was preceded by the 42nd session of the Board of Directors held on June 02, 2015, which submitted its report to it.
In examining the items on its agenda, the Board of Governors paid particular attention to the said report. It thus took note of the results of the work of the Board of Directors, which, among other things, approved the following projects:
Downstream :
- the creation of a hemodialysis center in Burkina Faso at a cost of 130 million F CFA;
- the creation of a telecommunications network for ATEL in Mali, at a cost of 4,000 million F CFA;
- refurbishment of the Hotel 2 février in Togo for 3,300 million CFA francs
- 360 million F CFA to strengthen the production capacity of Groupe Schekina in Côte d’Ivoire;
329 million CFA francs to strengthen the capacity of Healthy Environment in Congo.
In direct financing
- the construction of administrative buildings by Realimar in Niger for 2,000 million F CFA.
With these new commitments, the Fund’s interventions total 311258 million F CFA in guarantees, 7300 million F CFA in direct financing, 8209 million F CFA in subsidies and 1165 million F CFA in equity investments.
After examining the report’s conclusions and recommendations, the Board of Governors congratulated the members of the Board of Directors and General Management on the qualitative results achieved. It then took a number of important decisions, including
- the adoption of the 2014 annual activity report,
- the adoption of the 2014 financial statements, which show a net profit of CFA F 385,343,437,
- the adoption of the Statutory Auditors’ reports as at December 31, 2014,
- the reappointment of Mr. Henri-Marie DONDRA for a four (4) year term as Chief Executive Officer, effective January 2016,
- validation of the terms of office of the two Statutory Auditors for the 2015 and 2016 financial years,
- Validation of the terms of reference of the two firms of Statutory Auditors for the 2015 and 2016 financial years,
- the revision of the provisions of Articles 2 and 5 of the Fund’s Articles of Association, taking into account the freedom to transfer resources from one zone to another, and the implementation of an integration and climate change strategy.
By adopting these decisions, the Board of Governors is demonstrating its determination to further support the Fund in its policy of strengthening its intervention capacities and relaunching its operational activities.
Finally, the Chairmanship of the Board of Governors has been entrusted to the Republic of Togo, as Rwanda’s term of office has come to an end.
At the close of its proceedings, which took place in an atmosphere of frank cordiality, the Board of Governors unanimously extended its warmest thanks to His Excellency Dr. Thomas Boni YAYI, President of the Republic of Benin, to the Government and People of Benin, for the welcome extended to its members, and for all the material arrangements made to ensure the success of its meetings.
