Under the chairmanship of Mr. Hervé NDOBA, Minister of Finance and Budget of the Central African Republic, its current Chairman, the Board of Governors of the Fonds Africain de Garantie et de Coopération Economique held its 5th extraordinary session by videoconference on Tuesday, October 03, 2023.
Among the main deliberations, the Board of Governors decided to renew its confidence in Mr. Ngueto Tiraïna YAMBAYE for a further term at the head of FAGACE, starting on July 1, 2024.
Dr. Ngueto Tiraïna YAMBAYE is the seventh Managing Director of the Fonds Africain de Garantie et de Coopération Economique (FAGACE), in office since July 1, 2020. An economist specializing in international finance and public policy, Mr. YAMBAYE has served as Chad’s Minister of the Economy, Planning and Development, and as Executive Director of the IMF (International Monetary Fund) for African countries.
Since his accession to the Fund’s helm and the implementation of the 2021-2025 Strategic Plan entitled “THE NEW MOMENTUM”, the Fund has undergone rapid change.
The reforms implemented within this framework have had a considerable impact on the institution, leading to significant transformations in line with market trends. These measures have made it possible to :
- new and fruitful cooperation with partner financial institutions: FAGACE has signed numerous collaboration agreements with the development banks and commercial banks of its member states. Portfolio guarantee lines for SMEs and individual guarantees for the financing of development projects have been approved, signed and implemented;
- A strengthened governance model: in line with the best international governance standards, and with the aim of improving the protection of the interests of shareholder states in complete independence, FAGACE has strengthened its governance model with the recruitment of independent directors and the establishment of an Independent Evaluation Office made up of representatives of the Central Banks of the currency zones covered by the Institution;
- An organization focused on risk management: FAGACE has set up a new organization focused on risk analysis and management, an essential tool for the sustainable management of a Guarantee Fund;
- operational excellence in line with the most demanding prudential standards, supported by a modern, high-performance information system: FAGACE has drawn up a new operational risk map and implemented a new provisioning system;
- an efficient operating model reflected in financial statements that comply with international standards, to enhance the readability and comparability of financial information at international level;
- a credible institution: for 2022, Moodys subsidiary GCR has confirmed a financial rating of “AA-” for the long term and “W-2” for the short term, with a stable outlook; an “A+” honor roll rating in accordance with the AADFI’s Normes Dispositif Prudentiel et Système d’Evaluation (NSPSE) for 2022;
- strong, controlled operational and financial growth ;
- resource mobilization: one of the orientations of the strategic plan is to revitalize the resource mobilization process with a view to strengthening the financial capacities of the Fund, its partners and its member states;
- the creation of the FAGACE Institute: the institute is a training center and think tank for coaching and capacity-building in conjunction with financial and social partners. It is responsible for training, studies, research and technical assistance to promoters and technical support to member states. It provides forums for reflection on major economic, monetary and financial issues, as well as on the main challenges facing businesses in the Fund’s area of intervention.
- Finally, the Fund’s share capital has been increased to FCFA 500 billion since July 2023.
In the light of these achievements, the Board of Governors, in renewing the mandate of Mr. Ngueto Tiraïna YAMBAYE, confirms its willingness to support the new momentum set in motion by General Management since 2020, in order to give FAGACE the means to play a more prominent role in financing the economies of its member states.
