Main resolutions of the 4th extraordinary session of the Board of Governors
The Council of Governors of the African Guarantee and Economic Cooperation Fund (FAGACE) held its 4th extraordinary session on Friday July 2, 2021 by videoconference from 9 a.m. to 11 a.m. GMT, under the chairmanship of Mr. Lassané KABORE, Minister of Economy , Finance and Development of Burkina Faso, Vice-President in office.
Present at this session were the Governors of Benin, Burkina Faso, Cameroon, Central Africa, Congo, Ivory Coast, Guinea Bissau, Mali, Niger, Rwanda, Senegal and Chad.
In examining the items on its agenda, the Board of Governors paid particular attention to the results of the work of the Board of Directors which, among other things, approved:
- the establishment of a new policy for granting guarantees in accordance with the 2021-2025 Strategic Plan,
- the annual ceilings of the bodies for the 2021 financial year,
- the implementation of FAGACE’s rules for classifying and evaluating counterparty and credit risks,
- the financial statements of the Fund as of December 31, 2020,
- the report of the Statutory Auditors for the financial year ended December 31, 2020,
- the plan to reorganize the portfolio of FAGACE commitments.
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. He then made important decisions including:
- the adoption of the financial statements as of December 31, 2020 which show a profitable net result for the 3rd consecutive year;
- the adoption of the auditors’ reports for the financial year ending December 31, 2020;
- the adoption of the General Manager’s Performance Contract;
- approval of the plan to reorganize the FAGACE commitment portfolio.
Through these decisions, the Council of Governors reaffirms its support for the General Management so that it continues in this dynamic to allow FAGACE 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 Burkina Faso, the mandate of the Republic of Benin having expired.
Finally, the Council of Governors welcomed the work accomplished by Benin during the exercise of its presidency.
