Distinguished Ministers
Distinguished members of the Board of Governors,
Directors,
Mr. General Manager,
Ladies and Gentlemen,
Following in the tradition of my predecessors, I would like to begin by welcoming you to this solemn opening ceremony of the 7th Ordinary Session of the Board of Governors of the African Guarantee and Economic Cooperation Fund, which is being held this year in Cotonou, Benin.
I would like to take this opportunity to express my sincere gratitude to His Excellency Dr. Boni YAYI and the entire Beninese Government for their unfailing commitment and support to our common institution.
Distinguished members of the Board of Governors,
Ladies and Gentlemen,
We are delighted by your presence here for more than one reason, since it confirms the manifest interest you have always shown in our joint development institution. It is a declaration of solidarity that perpetuates the vision of the Fund’s founding fathers since its creation in 1977.
The duty of remembrance is the best expression of our gratitude to great men, and of our loyalty to the noble ideals they embodied.
Distinguished members of the Board of Governors,
Distinguished Directors,
Ladies and Gentlemen,
As you know, our current session is taking place in an international context marked by remarkable but stagnant growth in most of our countries.
For the first time in a generation, Africa has, by all accounts, belied the pessimistic rhetoric. With the exception of certain countries at war or in transition, the continent’s economic output has returned to pre-financial crisis levels.
With our institution straddling the CEMAC and UEMOA economic zones on the one hand, and Mauritania and Rwanda on the other, the macro-economic fundamentals of our countries in general influence the direct environment of our institution.
In this context, FAGACE must play an increasingly active role in the development process of its zone, by strengthening its interventions on behalf of our countries and their economic operators.
Much remains to be done to ensure not only our growth but also, and above all, our transformation in order to consolidate our gains and reduce our vulnerability.
Distinguished members of the Board of Governors,
Directors,
Ladies and Gentlemen,
In the light of the Board of Directors’ report, which we shall shortly be examining, we shall once again be taking important decisions concerning the Fund’s operations, the development of its activities and its future.
Distinguished members of the Board of Governors,
For some years now, actions aimed at improving the operation and supporting the development of the Institution’s activities have been carried out.
During the 2014 financial year, the Fund’s activities fell within the framework of the 2012-2015 four-year plan. The actions carried out therefore focused on consolidating the gains of recovery and diversifying activities with very appreciable results.
I would like to reiterate my congratulations to the Board of Directors for the quality of their work on the strategic direction, and for the way in which they have carried out their supervisory functions. The same congratulations are extended to the Managing Director and all our staff.
In view of the financial situation, which augurs well for the future, as described in the various reports submitted to our attention, and the financing needs of projects in our respective countries, it remains more necessary than ever that we continue to give our joint institution increased support to enable it to adapt to the dynamism of the market, as well as new resources to satisfy them.
This is why I would like to ask you, dear colleagues, to examine with the utmost diligence the dossiers on the agenda for this 7th Ordinary Session of the Board of Governors.
Finally, I would like to remind you that there are arrears on the first tranche of capital calls which need to be paid. This is why I would like to ask you, dear colleagues, to personally see to it that the commitments made by our States are respected, so as to enable our Institution to effectively pursue the process of relaunching its activities.
While wishing every success to our work, I declare open the 7th ordinary session of the Board of Governors of the African Guarantee Fund and Economic Cooperation.
Long live African solidarity and fraternity!
Long live FAGACE,
Thank you very much.
