The 3rd Ordinary Session of the Board of Governors of the Fonds Africain de Garantie et de Coopération Economique (FAGACE) was held on July 06, 2011 in Cotonou (Republic of Benin) under the chairmanship of Madame Adidjatou MATHYS, Minister of Economy and Finance of the Republic of Benin, President of the Session.
The Session was attended by all Fund member states: Benin, Burkina Faso, Cameroon, Central African Republic, Congo, Côte d’Ivoire, Guinea Bissau, Mauritania, Niger, Rwanda, Senegal and Togo, with the exception of Mali.
The ceremony was marked by two speeches: one by Mr. Henri-Marie DONDRA, Managing Director of the Fund, and the other by Mrs. Adidjatou MATHYS, Benin’s Minister of the Economy and Finance, President of the Session. In his address, after noting that the Fund, in 18 eight months of implementing its 2010-2011 short-term recovery plan, had reached a level of restructuring that gave it greater visibility for the future, the Managing Director of the Institution reminded the audience that the efforts deployed to support FAGACE must continue more than ever if it is to achieve its main objective, which is to resume its activities at operational level, enabling it to fully play its role in the economic and social development of its member states, as in the past. The Chairman of the Session, for her part, expressed her satisfaction at the results already achieved, particularly in terms of restoring the institution’s financial health, and the accession of a new member (the Republic of CONGO). She went on to say that, in view of the financial situation, which augurs well for the future, it is more necessary than ever for member states to give our joint institution increased support to enable it to pursue its operational activities.
The 3rd ordinary session of the Board of Governors was preceded by the 34th session of the Board of Directors held on July 04, 2011, 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 also took note of the results of the Board’s work.
After examining the report’s conclusions and recommendations, the Board of Governors congratulated the members of the Board of Directors and Executive Management on the qualitative results achieved. It then took a number of important decisions, including
– an increase in share capital from FCFA 100 to 200 billion;
– the adoption of the 2010 annual report;
– the adoption of the financial statements, which show a net profit of 7,312,509,475 FCFA;
The Board of Governors also examined and approved the proposed amendments to the Fund’s Articles of Association, in particular Articles 7 and 16, which deal respectively with the level of authorized capital and the composition and functioning of the Board of Directors.
By adopting these decisions, the Board of Governors is demonstrating its strong determination to further support the Fund in its policy of strengthening its intervention capacities and opening up to other African States and Institutions.
Finally, Guinea Bissau was entrusted with the presidency of the Board of Governors, Côte d’Ivoire’s term having come to an end.
At the close of its proceedings, which took place in an atmosphere of frank cordiality, the Board of Governors unanimously extended 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, July 06, 2011
THE CHAIRWOMAN OF THE SESSION
Mrs Adidjatou MATHYS,
Minister of Economy and Finance
of the Republic of Benin
Member countries : Bénin Burkina-faso Caméroun Centreafrique Congo Brazzaville Côte d’Ivoire Guinée-Bissau Mali Mauritanie Niger Rwanda Sénégal Tchad Togo
