The Board of Directors of the African Guarantee and Economic Cooperation Fund (FAGACE) held its 64th ordinary session, at the Golden Tulip hotel in Cotonou, on December 8 and 9, 2022, under the chairmanship of Mr. Bachirou MOHAMADOU, Administrator of the Cameroon, its current President.
The meeting was attended by Directors representing Benin, Burkina Faso, Cameroon, the Central African Republic, Congo, Ivory Coast, Guinea Bissau, Mali, Mauritania, Niger, Rwanda, Senegal, Chad and Togo as well as the Independent Directors.
The 64th ordinary session of the FAGACE Board of Directors was preceded by the 8th extraordinary session of the Board and the meetings of the specialized Audit, Guarantee and Governance and Remuneration Committees, which submitted their reports to it.
After learning the results of their work, the Board of Directors took important decisions to grant guarantees and modernize the Fund’s texts in accordance with the best standards. In this regard, it should be noted:
> As part of operational interventions for the benefit of States,
- the approval of the guarantee request in favor of BSIC Senegal on behalf of a Hydrocarbon company in the amount of 5,055,000,000 FCFA in Dakar, Senegal;
- the granting of a guarantee in the amount of 18,934,366,386 FCFA to BSIC Benin for the financing of a project in the Real Estate sector in the Republic of Benin;
- the agreement of the Guarantee Fund in favor of BSIC Senegal for the financing of a project in the road infrastructure sector in Dakar, to the amount of 8,000,000,000 FCFA;
- the endorsement granted to Sunu Participations Holding West Africa in the amount of 2,111,000,000 FCFA;
- the granting of a guarantee amounting to 8,644,000,000 FCFA for the benefit of Sunu Participations Holding SA.
> In terms of governance, the adoption of new texts, in particular:
- resource mobilization policy;
- personnel regulations;
- the financial regulation.
Through these decisions, the Board of Directors reaffirms its support for the new dynamic driven by the Director General, Mr. Ngueto Tiraïna YAMBAYE within the framework of the 2021-2025 Strategic Plan in order to allow FAGACE to play a greater role in financing and the development of the economies of the Member States.
Closing the work, the Board of Directors thanked the Beninese authorities for the means implemented to hold this session in the best conditions.
