The 35th ordinary session of the Board of Directors of the Fonds Africain de Garantie et de Coopération Economique (FAGACE) was held on December 12, 2011 in Cotonou (Republic of Benin) under the chairmanship of Mr. Fortes Buli INJAI, Director representing the Republic of Guinea Bissau, current Chairman.
The session was attended by all the Fund’s member states: Benin, Burkina Faso, Cameroon, Central African Republic, Congo, Côte d’Ivoire, Guinea Bissau, Mali, Mauritania, Niger, Rwanda, Senegal and Togo.
At the opening of the ceremony, the current Chairman of the Board of Directors, after welcoming the Directors, recalled in his speech the context in which the meetings were being held, marked internally by the assessment of the short-term recovery plan (PSRCT 2010-2011).
He highlighted the restructuring of the institution’s finances, the call for a capital tranche of 16.3 billion FCFA, the accession of a new member, the increase in share capital to 200 billion FCFA, the operational interventions carried out in Benin and Cameroon, the achievement of a positive result of over 7 billion FCFA in 2010, and the various organizational reforms implemented.
For the Chairman-in-Office, in view of the positive results achieved over the past two years, it is timely for member states to pursue the actions undertaken to further strengthen the institution’s operational capacities, to enable it to better accomplish its mission.
Following this address, the Board examined the dossiers submitted for its appraisal by General Management.
It approved the Fund’s endorsement of BIOPHARMA (Cameroon) for one hundred and thirty-three million (133,000,000) FCFA, i.e. 50% of an additional loan of two hundred and sixty-six million (266,000,000) FCFA to be raised from Société Générale de Banque au Cameroun (SGBC). The loan will be used to strengthen the operating capacity of BIOPHARMA, which produces, packages and markets cosmetics and plastic packaging.
With this new approval, FAGACE’s interventions on behalf of its downstream member states total two hundred and seventy-nine billion nine hundred and twenty-three million (279,923,000,000) FCFA.
The Board also approved the Fund’s financial situation at June 30, 2011, and adopted the budget presented by General Management for the 2012 financial year.
It also approved the principle of setting up a Special Bonus Fund, before examining other issues relating in particular to the recovery of the institution’s receivables and the steps taken to mobilize new resources.
Lastly, the Board of Directors noted with satisfaction the special report of the home consultation on the Republic of Chad’s application to join the Fund.
Indeed, in view of the conclusions of this consultation, the Republic of Chad’s participation in the Fund’s share capital will be effective before the end of 2011.
At the close 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 the people of Benin for the warm and fraternal welcome extended to it, and for all the facilities that enabled it to meet in the best possible conditions.
Cotonou, December 12, 2011
Chairman
M.Fortes Buli INJAI
