The Board of Governors of the Fonds Africain de Garantie et de Coopération Economique (FAGACE) held its 10th ordinary session on Tuesday, July 31, 2018 at the conference room of the Hotel 02 février in Lomé, Togo, under the chairmanship of Madame Yvonne Adélaïde MOUGANY, Minister of Small and Medium-sized Enterprises, Crafts and the Informal Sector of the Republic of Congo.
The Governors of Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Congo, Côte d’Ivoire, Guinea Bissau, Mali, Mauritania, Niger, Rwanda, Senegal and Togo were represented at the session.
The 10th ordinary session of the Board of Governors was preceded by the 51st session of the Board of Directors held on July 30, 2018, 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:
- the activity report for 2017 ;
- the Fund’s guarantee for the financing of the construction and operation of a pharmaceutical plant by APEX BIOTECH in the amount of one billion two hundred and forty-four million five hundred thousand (1,244,500,000) FRW or eight hundred and eight million nine hundred and fifty thousand (808,950,000) FCFA;
- the Fund’s guarantee to finance the acquisition of port handling equipment, road couplings and the development of the new African shipping line (Africa Shipping Line) for an amount of one billion (1,000,000,000) FCFA;
- the Fund’s graphic charter, created as part of the overall strategy to modernize the Fund’s image, set out in the Strategic Plan to reflect the new dynamic of the institution, which is reinventing and modernizing itself to be more in tune with developments on the continent.
- the Evaluation Committee and Internal Audit charters.
After examining the report’s conclusions and recommendations, the Board of Governors took a number of important decisions:
- adoption of the financial audit report for 2015 and 2016 ;
- the adoption of the Statutory Auditors’ report on the 2017 financial year ;
- adoption of the financial statements at december 31, 2017 ;
- the adoption of charters for the Governance and Remuneration Committee, the Guarantee Committee and the Audit Committee;
- the appointment of Mrs. Eveline TALL DAOUDA, an expert in Finance and Banking, of Senegalese nationality, and Mr. Madani Maki TALL, an expert in International Finance and Economic Development, of Malian nationality, as independent directors for a term of three (03) years;
Lastly, the Republic of Congo was entrusted with the chairmanship of the Board of Governors, and the Republic of Chad with the vice-chairmanship, the term of office of the Islamic Republic of Mauritania having expired.
At the close of these proceedings, which took place in an atmosphere of frank cordiality, the President, on behalf of the Board of Governors, expressed her deep gratitude to His Excellency, Mr. Faure Essozimna GNASSINGBE, President of the Republic, to the Government and to the People of Togo, for the warm welcome and all the facilities made available to ensure the smooth running and success of these meetings.
