PRESS RELEASE
The Board of Governors of the Fonds Africain de Garantie et de Coopération Economique (FAGACE) held its 12th ordinary session on Friday February 19, 2021 by videoconference, under the chairmanship of Mr. Romuald WADAGNI, Minister of Economy and Finance of the Republic of Benin, current Chairman.
The session was attended by the Governors of Benin, Burkina Faso, Cameroon, Chad, Congo, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Rwanda, Senegal and Togo. After adopting the minutes of its last session, the Board of Governors took note of the implementation of the resolutions adopted at its previous meeting.
The 12th ordinary session of the Board of Governors was preceded by the 57th session of the Board of Directors, which submitted its report to the Board. In examining the items on the agenda, the Board of Governors focused primarily on the said report. It took note of the results of the Board’s work, which included approval of :
- the Fund’s institutional cooperation with: Banque Arabe pour le Développement Economique en Afrique (BADEA), Export Trading & Corporation (ETC), BLEND Financial Services Limited and KARA INVESTEMENT FUND;
- the balance sheet of operational activities for the 2020 financial year, established at 22.5 billion FCFA for BENIN, BURKINA FASO, CAMEROON, CENTRAL AFRICA, COTE D’IVOIRE, GUINEA-BISSAU, MALI, NIGER, RWANDA, SENEGAL and TOGO;
- the Fund’s new organizational chart.
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 adoption of the 2021-2025 Strategic Plan, which will focus on modernizing the Fund;
- the appointment of FAGACE’s Statutory Auditors for the 2021, 2022 and 2023 financial years;
- the appointment of a third independent director;
- the creation of FAGACE orders;
- the creation of the Independent Evaluation Office (IEO);
- the creation of the FAGACE Corps of Goodwill Ambassadors;
- the creation of the post of FAGACE Mediator.
With these decisions, the Board of Governors undertakes to support the strategic reorientation of FAGACE, the pillars of which are: modernizing the institution, integrating it into the African economy, strengthening the quality of governance, setting up independent control and evaluation mechanisms at all levels, mobilizing adequate ordinary and special resources, enhancing human capital, developing financial and international communication, innovation, diversifying the offer, and increasing interventions to respond effectively to the needs of member states’ economies.
This new strategy also aims to enable FAGACE to play a greater role in the recovery of the economies of member states affected by the COVID-19 pandemic.At the end of its work, the Board of Governors congratulated the General Management on the new momentum it had set in motion, and encouraged it to continue.
Cotonou, February 19, 2021.
The Chairman of the session,
Romuald WADAGNI
Minister of Economy and
Finance of the Republic of Benin
