Mr. Chairman of the Board of Governors,
Mr. Governor, Minister of Finance of Benin,
Members of the Board of Governors,
Mr Chairman of the Board of Directors
Directors,
Ladies and Gentlemen,
Welcome to the official opening ceremony of the 7th ordinary session of the Board of Governors of the African Guarantee and Economic Cooperation Fund.
On this occasion, allow me first of all to reiterate my gratitude to the Beninese authorities, at various levels, for their constant solicitude and for the multifaceted support they continue to provide to our common Institution. Your Excellency, Minister of Finance and Economy of Benin, please convey our thanks to the President of the Republic and to all the members of his Government.
Mr Chairman of the Board of Governors,
Distinguished Members of the Board of Governors,
Ladies and Gentlemen,
FAGACE is unique in that it brings together member countries from several of Africa’s economic zones. This diversity exposes it to the growth conditions of the various zones of the African continent, whose indicators have been relatively stable in recent years. Africa, the continent of the future and the object of all the appetites of major investor groups and emerging countries, is nevertheless expected to mark time in 2015, with growth of around 4.4%.
This pressure imposes greater responsibility on African institutions in their role of contributing to the development of our countries.
Distinguished Members of the Board of Governors,
Directors
Ladies and Gentlemen,
In the face of these challenges, our institution must respond more effectively to the pressing demands of member countries in terms of both guarantees and direct financing. Thanks to your support, FAGACE has embarked on effective reforms and carried out activities designed to further its development. As a result, it is positioning itself as a key player on the financial market.
Indeed, during the 2014 financial year, the Fund continued to support member states through operational activities that mainly concerned prospecting and the identification of new operations enabling us to have a substantial pipeline of projects from our economies. They also involved the adoption of new projects, the continued streamlining of the portfolio and the monitoring of projects in difficulty.
On the administrative and legal fronts, the reforms carried out were essentially characterized by the organization and optimal management of human and material resources, as well as staff training and the securing of the Institution’s interests.
In financial terms, net income for the year was positive. This performance was essentially due to the continued control of expenses, the streamlining of the project portfolio, and the optimal management of our financial resources through investment at an acceptable average yield, which enabled us to improve the Fund’s equity.
In terms of cooperation, following the increase in the institution’s capital, the Fund pursued its policy of openness, encouraging new countries, national and international financial institutions and development organizations to join. Relations with partner institutions have focused on creating greater synergy in actions, with a view to enhancing their impact on the economies of member states.
Particular emphasis was placed on communication, with a view to keeping partners better informed of developments in the Fund’s situation, enhancing its image and relaunching its various operational activities.
These measures and actions have produced appreciable results, but they remain modest.
I would like to take advantage of this solemn occasion to express my deep gratitude to the Authorities who have spared no effort to support this initiative aimed at restoring FAGACE’s brand image.
Mr Chairman of the Board of Governors
Honourable Members of the Board of Governors,
Our common institution needs to develop in a sustainable way. This is why, in view of the financial situation and the need to finance projects in our respective countries, sufficient financial resources are urgently required.
As you will see when examining the items on the agenda, despite the call for capital, certain releases have been slow to materialize.
I am certain that you will spare no effort during your present session to reach the best decisions to strengthen our development support instrument, and that it will be given the appropriate means to continue fulfilling its mission as an instrument of development.
Long live the African Guarantee and Economic Cooperation Fund,
Thank you very much.
