The Council of Governors of the African Guarantee and Economic Cooperation Fund (FAGACE), which brings together the Ministers in charge of Finance of member States, held its 14th ordinary session on Wednesday July 19, 2023 by videoconference, under the chairmanship of Mr. Louis Paul MOTAZE, Minister of Finance of the Republic of Cameroon, its current President.
The Governors of Benin, Burkina Faso, Cameroon, Central Africa, Congo, Ivory Coast, Guinea Bissau, Mali, Mauritania, Niger, Rwanda, took part in the meeting, Senegal, Chad and Togo.
At the end of the work, the deliberations of the Council of Governors were sanctioned by the following main decisions:
- the increase in the authorized share capital of FAGACE to five hundred billion (500,000,000,000) FCFA;
- the adoption of the report of the Statutory Auditors (financial year 2022) which shows a profitable net result;
- the adoption of the financial statements as of December 31, 2022;
- approval of the annual review of the implementation of the 2021-2025 Strategic Plan and the necessary adjustments to make it agile and more efficient.
Through these decisions, the Council of Governors reaffirms its support for the General Management so that it continues to fully play its catalytic role in financing for the benefit of the economies of the Member States.
Then, the Presidency of the Council of Governors was entrusted to the Central African Republic, the mandate of the Republic of Cameroon having expired.
Finally, the Board of Governors congratulated the General Management of the Fund as well as the members of the Board of Directors for the qualitative results obtained.
