At the 3rd extraordinary session of the Board of Governors of the Fonds Africain de Garantie et Coopération Economique held by videoconference on May 26, 2020, Benin was elevated to the presidency of the Institution’s Instances.
Each FAGACE country takes it in turn to chair the Board of Governors for a period of one year. After Chad, which assumed this role from June 2019 to June 2020, Benin took over for the 2020-2021 financial year.
At FAGACE, the Board of Governors is the Fund’s supreme body. It has full powers and is made up of the Finance Ministers of each member state and one representative from each member institution.
The purpose of the rotating presidency is to promote the involvement of all member countries in the Fund’s affairs, and thus strengthen the sense of belonging to the institution.
The composition of the new Board of Governors for the 2020-2021 financial year is as follows:
- Presidency: Republic of Benin,
- Vice-Presidency: Republic of Burkina.
