The Managing Director of the Fonds de garantie de coopération économique (FAGACE), Henri – Marie Dondra, announced on Thursday that the institution’s member states had agreed to release 16.3 billion CFA francs.
In a statement made at the institution’s headquarters in Cotonou, Mr. Dondra said that this contribution followed a request by FAGACE management for a proposed call for a tranche of capital, submitted to the institution’s Board of Governors at its extraordinary session held in Abidjan, Côte d’Ivoire, on the sidelines of the African Development Bank’s annual meetings on May 31. This contribution had become necessary because of the difficulties experienced by the institution in recent years. These difficulties are linked “fundamentally to structural crises in important sectors” in the economies of member countries that have to benefit from its assistance. These difficulties are also due to the international financial crisis. “As a result of this situation, our operational capacities have diminished”, said Mr. Dondra. The FAGACE Managing Director welcomes this commendable initiative by FAGACE member states.
“This decision, whose significance is no longer in doubt, repositioned our institution as an essential player in financing the development of its member states”, he continued. He expressed his gratitude to the institution’s member states, and reiterated to its partners their determination “to spare no effort in contributing to the strengthening of the subregional financial system. As a financial tool for integration in Africa, FAGACE has contributed to the emergence and development of the regional financial market “as well as to the consolidation of the financing offer thanks to its strategic interventions. In this context, Mr. Dondra cited the acquisition of equity stakes in the regional stock exchange (BRVM) and Cauris investissement. The institution also contributed to the creation of the Société de promotion du Fonds africain de développement des biocarburants and the société de commercialisation d’informations d’entreprises with the Banque centrale des Etats de l’Afrique de l’Ouest ( BCEAO), the ECOWAS Bank for Investment and Development and the West African Development Bank. “FAGACE intends to remain the tool for cooperation and integration it has always been,” promised Mr. Dondra. FAGACE has 14 member states, including Benin.
Member countries : Benin Burkina-Faso Cameroon Central African Congo Brazzaville Côte d’Ivoire Guinea-Bissau Mail Mauritania Niger Rwanda Senegal Chad Togo
