The Board of Governors of the African Guarantee and Economic Cooperation Fund (FAGACE) held for the year 2022, its 13th ordinary session on Monday, May 30, 2022 by videoconference, under the chairmanship of Mr. Seglaro Abel SOME, Minister of Economy, Finance and Prospective of Burkina Faso, its current Chairman.
The meeting was attended by the Governors of Benin, Burkina Faso, Cameroon, the Central African Republic, Congo, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Rwanda, Senegal, Chad and Chad.
At the end of the exchanges and recommendations, the main decisions taken by the Ministers concern:
- the adoption of the report of the Statutory Auditors (financial year 2021) which shows a net profit for the 4th consecutive year;
- the adoption of the financial statements as of December 31, 2021;
- approval of the implementation of FAGACE’s COVID-19 strategy in support of States;
- validation of the annual review of the implementation of the 2021-2025 Strategic Plan, the level of execution of which is assessed at 105%;
- the approval of the 2022-2024 Three-Year Action Plan and the 2022 Annual Work Plan which takes into account the strategic orientations aimed at supporting the transformation and modernization of the Fund to make it more efficient and effective.
Through these decisions, the Board of Governors reaffirms its support for the General Management so that it continues in this dynamic to allow FAGACE to fully play its catalytic role in financing for the benefit of the economies of the Member States.
Then, the Presidency of the Board of Governors as well as the Vice-Presidency were entrusted respectively to the Republic of Cameroon and the Central African Republic, the mandate of Burkina Faso having expired.
Finally, the Board of Governors congratulated the General Management of the Fund for the good results obtained.