The 67th ordinary session of the Board of Directors of the Fonds Africain de Garantie et de Coopération Économique (FAGACE) took place in Cotonou, Benin, from December 19 to 20, 2023, under the chairmanship of Mr. Victor MAZANGA, Administrator of the Central African Republic, its current Chairman.
Present at this important meeting were directors representing Benin, Burkina Faso, Cameroon, Chad, Congo Brazzaville, Côte d’Ivoire, Guinea-Bissau, Mali, Mauritania, Niger, Rwanda, Senegal and Togo, as well as independent directors.
The 67th meeting of the Board of Directors was preceded by those of the specialized Audit, Guarantee and Governance and Remuneration Committees, which submitted their reports to the Board.
Among the main orientations resulting from this work, the Board decided to adopt the following in connection with the 2021-2025 Strategic Plan :
– program of activities and Budget 2024,
– counterparty risk management policy
– operational risk management policy,
– asset-liability management policy,
– the updated Guarantee granting policy.
The Board also took note of the following matters at its meetings :
– an exceptional 227% increase in operating income,
– the Fund’s financial rating raised to AA for 2023 by Moodys subsidiary GCR,
– the compliance system implementation report and action plan,
– risk mapping and audit plan,
At the close of the proceedings, the Board of Directors congratulated General Management on the qualitative results achieved, and urged it to maintain this momentum in order to have a greater impact on the development of member states’ economies.
