PRESS RELEASE
4th ORDINARY SESSION
OF THE BOARD OF GOVERNORS
Final press release
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The 4th Ordinary Session of the Board of Governors of the Fonds Africain de Garantie et de Coopération Economique (FAGACE) was held on June 22, 2012 in Cotonou (Republic of Benin) under the chairmanship of Mr. Jonas Aliou GBIAN, Minister of Economy and Finance of the Republic of Benin, Chairman of the Session.
The Session was attended by all Fund member states: Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Congo, Côte d’Ivoire, Guinea Bissau, Mali, Mauritania, Niger, Rwanda, Senegal and Togo.
Two speeches marked the ceremony: one by Henri-Marie DONDRA, Managing Director of the Fund, and the other by Jonas Aliou GBIAN, Minister of Economy and Finance of the Republic of Benin, Chairman of the Session.
In his address, after recalling the encouraging results achieved over the past two years, notably the improvement and consolidation of the Institution’s financial situation, the Fund’s Managing Director underlined the current context of the global and African economic environment, which remains worrying, before insisting on the need to pursue the efforts deployed to support FAGACE in order to enable it to fully play, as in the past, its role of economic and social development in its member states.
As for the Chairman of the Session, he congratulated the Board of Directors and General Management on their ability to breathe new life into the institution, which is now embarking on a new orbit of growth.
In order to ensure the sustainability of the Fund’s activities, and given the current situation of the regional economic environment, Benin’s Minister of Economy and Finance acknowledged that, despite the quality of the results achieved, the recovery and development trend of the Institution should continue with the support of member states.
The 4th ordinary session of the Board of Governors was preceded by the 36th session of the Board of Directors held on June 20 & 21, 2012, which submitted its report to the Board.
In examining the items on its agenda, the Board of Governors paid particular attention to the said report. It thus took note of the results of the work of the Board of Directors, which approved, among other things:
– A request for an advance in the amount of FCFA 2,500,000,000 from POMAR TOGO S.A. to set up a marble extraction, processing and marketing unit in Togo;
– A loan of 376,000,000 FCFA to Centre Hospitalier Départemental GSA to complete construction work on a modern hospital in Douala, Cameroon.
With these new commitments, the Fund’s interventions total 283,000,000,000 FCFA.
After examining the report’s conclusions and recommendations, the Board of Governors congratulated the members of the Board of Directors and General Management on the qualitative results achieved. It then took a number of important decisions, including
– the creation of a Special Bonus Fund of 15 billion FCFA;
– the adoption of the 2012-2015 four-year plan;
– adoption of the 2011 annual activity report;
– the adoption of the 2011 financial statements, which show a net profit of 1,229,395,946 FCFA;
– the adoption of the Statutory Auditor’s reports as at December 31, 2011.
By adopting these decisions, the Board of Governors is demonstrating its determination to further support the Fund in its policy of strengthening its intervention capacities and relaunching its operational activities.
Finally, the presidency of the Board of Governors has been entrusted to the Republic of Mali, Guinea Bissau’s term having come to an end.
At the close of its proceedings, which took place in an atmosphere of frank cordiality, the unanimous Board of Governors extends its warmest thanks to His Excellency Dr Boni YAYI, President of the Republic of Benin, Head of State, to the Government and People of Benin, for the welcome extended to its members and for all the material arrangements made to ensure the success of its meetings.
Cotonou, June 22, 2012
THE SESSION CHAIRMAN
Mr Jonas Aliou GBIAN,
Minister of Economy and Finance
of the Republic of Benin
