The Board of Governors of the Fonds Africain de Garantie et de Coopération Economique (FAGACE) held its 8th ordinary session on Friday, July 22, 2016 at the Radisson Blu Hotel in Lomé, under the chairmanship of Mr. Adji Otèth AYASSOR, Minister of State, Minister of Economy, Finance and Development Planning of the Togolese Republic, current Chairman.
The Governors of Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Congo, Côte d’Ivoire, Guinea Bissau, Mali, Mauritania, Niger, Rwanda, Senegal and Togo were represented at this session.
The 8th ordinary session of the Board of Governors was preceded by the 45th session of the Board of Directors held on June 30, 2016, which submitted its report to the Board.
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 approved the following projects, among others:
Downstream :
- SADIPIN -ACI in Cameroon has been awarded a CFA 3030 million contract to build a detergent production, packaging and marketing unit in Douala;
- 3,750 million CFA francs for the ASUSU-SA microfinance institution in Niger;
- The construction of high-capacity photovoltaic and thermal solar power plants in Kandi and Djakotomey in Benin at a cost of 10,500 million F CFA;
- The granting of a guarantee line in the amount of 1,000 million CFA francs, in favor of FINADEV of Benin;
- The construction of a semi-modern palm kernel oil extraction plant for Global Palm Oil in Cameroon at a cost of 55 million F CFA;
- The project to upgrade Cameroon’s electricity network by producing composite reinforced and prestressed concrete poles at a cost of 625 million CFA francs;
With these new commitments, the Fund’s interventions total CFA 329,743 million in guarantees, CFA 7,300 million in direct financing, CFA 8,209 million in subsidies and CFA 1,165 million in equity investments.
After examining the report’s conclusions and recommendations, the Board of Governors congratulated the members of the Board of Directors on the qualitative results achieved. It then took a number of important decisions, including the following:
- adoption of the 2015 financial statements and the Statutory Auditors’ reports at December 31, 2015,
- the appointment of Mrs. Mawèkouta ABOU AISSAH, General Counsel to the Managing Director, as Acting Managing Director for a period of six (6) months from July 1, 2016,
- appointment of members of the Audit Committee Bureau,
- validation of the recruitment procedure for FAGACE’s General Manager.
With the adoption of these decisions, the Board of Governors reiterates its determination to further support the strengthening of the Fund’s intervention capacities, to enable it to fully play its role as a development instrument for the benefit of the economies of member states.
Finally, the Presidency of the Board of Governors has been entrusted to the Republic of Senegal, as Togo’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 expressed its deep gratitude to His Excellency Essozimna Faure GNASSINGBE, President of the Republic, Head of State, to the Government and People of Togo, for the warm welcome and all-African hospitality extended to its members, and for all the facilities made available to ensure the smooth running and success of its meetings.
