PRESS RELEASE
The Board of Governors of the Fonds Africain de Garantie et de Coopération Economique (FAGACE) held its 3rd extraordinary session on Friday June 26, 2020 by videoconference from 3 pm to 5 pm GMT, under the chairmanship of Mr. HAMID TAHIR NGUILIN, Minister of Finance and Budget of Chad, its current Chairman.
The Governors of Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Congo, Côte d’Ivoire, Guinea Bissau, Mauritania, Niger, Rwanda, Senegal and Togo were represented at this session.
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 approved, among other things:
- the Fund’s financial statements,
- the Statutory Auditors’ report,
- the report on the recruitment of FAGACE’s Managing Director.
After examining the conclusions and recommendations, the Board of Governors congratulated the Fund’s General Management and the members of the Board of Directors on the qualitative results achieved. The Board of Governors then unanimously took a number of important decisions, notably :
- the adoption of the 2019 financial statements and the Auditors’ reports as at December 31, 2019, which show a profit,
- the appointment of Mr. YAMBAYE Ngueto Tiraina as Managing Director of FAGACE for a term of four (4) years.
With these decisions, the Board of Governors reaffirmed its support for the Fund, with a view to enabling it to play its full role in benefiting the economies of member states.
Secondly, the Presidency of the Board of Governors was entrusted to the Republic of Benin, Chad’s term having come to an end.
Finally, the Board of Governors expressed its satisfaction with the work accomplished by Chad during its presidency.
N’Djamena, June 27, 2020.
The Chairman of the Board of Governors,
HAMID TAHIR NGUILIN,
Minister of Finance and Budget of the Republic of Chad
