The 35th ordinary session of the Board of Directors of the African Guarantee and Economic Cooperation Fund (FAGACE) was held on December 12, 2011 in Cotonou (Republic of Benin) under the chairmanship of Mr. M. Fortes Buli INJAI, Administrator representing the Republic of Guinea Bissau, President in office.
All Member States of the Fund took part in this Session: Benin, Burkina Faso, Cameroon, Central African Republic, Congo, Ivory Coast, Guinea Bissau, Mali, Mauritania, Niger, Rwanda, Senegal, Togo.
At the opening of the ceremony, the current Chairman of the Board of Directors, after welcoming the Directors, in his speech, recalled the context in which the meetings are being held, marked internally, by the assessment of the plan short-term recovery plan (PSRCT 2010-2011).
The consolidation of the finances of the Institution, the call for a tranche of capital in the amount of 16.3 billion FCFA, the accession of a new member, the increase in the share capital which increased to 200 billion FCFA, the interventions carried out at the operational level in Benin and Cameroon, the obtaining of a positive result of more than 7 billion FCFA during the 2010 financial year as well as the various reforms implemented at the organizational level have been noted.
For the current President, in view of the positive results obtained over the past two years, it is appropriate for the Member States to continue the actions undertaken to further strengthen the operational capacities of the Institution in order to enable it to better accomplish his mission.
Following this speech, the Council, during its work, examined the files submitted for its assessment by General Management.
It thus approved the endorsement of the Fund for the benefit of the company BIOPHARMA (Cameroon) in the amount of one hundred and thirty three million (133,000,000) FCFA or 50% of an additional credit of two hundred and sixty six million (266,000,000) FCFA to be mobilized from the Société Générale de Banque au Cameroun (SGBC). The mobilization of said credit concerns the strengthening of the operating capacities of BIOPHARMA, the purpose of which is the production, packaging and marketing of cosmetic products and plastic packaging.
With this new approval, FAGACE’s interventions for the benefit of its downstream member states amount to two hundred and seventy-nine billion, nine hundred and twenty-three million (279,923,000,000) FCFA.
Furthermore, after examination, the Board approved the financial situation as of June 30, 2011 of the Fund and adopted the budget presented by the General Management for the 2012 financial year.
It also approved the principle of establishing a Special Bonus Fund before examining other files relating in particular to the recovery of the Institution’s debts and the efforts carried out to mobilize new resources.
Finally, the Board of Directors took note, with satisfaction, of the special report of the home consultation relating to the application for membership of the Republic of Chad to the Fund.
Indeed, in view of the conclusions of this consultation, the acquisition of a stake in the share capital of the Fund by the Republic of Chad will be effective before the end of 2011.
At the end of its work, the Board of Directors warmly thanks His Excellency Dr Boni YAYI, President of the Republic, Head of State, Head of Government, and all of the Beninese people for the warm and fraternal welcome which was reserved for him as well as for all the facilities which enabled his meetings to be held in the best conditions.
Done in Cotonou, December 12, 2011
President in office
Mr.Fortes Buli INJAI
Member countries: Benin
