BDEAC Board of Directors approves budget for 2019

The Board of Directors from the Central African States Development Bank (BDEAC) recently approved the budget project for the 2019 financial period, for a sum of 28,356,355,105 Franco CFA, at a meeting held in Congo Brazzaville, under the presidency of Fortunato Ofa Mbo Nchama, President of the Board of Directors and President of BDEAC.

This was the third session of the BDEAC Ordinary Board of Directors’ Meeting for the 2018 tax year, in which in addition to approving the budget in order to intensify bank activities, they also dealt with matters relating to reforms to the BDEAC texts, and a review of and an examination of recommendations from the audit.

The budget is divided into three sections:

a) In terms of the mobilisation of resources, the diversification of financial partners and the credibility of the banking entity through the consolidation of its accounts.

b) On an operational level, to increase the volume of financing for CEMAC (Economic and Monetary Community of Central Africa) economies.

c) On an institutional level, through ambitious reforms aimed at ensuring that the bank complies with the highest international standards.

Furthermore, the board examined the BDEAC reforms and the renewal of the bank texts is justified by the need to increase the level of professionalism within its technical and operational structures. The new bank texts transmit the new ethics and deontology that BDEAC wishes to instil in its agents, and incorporate the constructive recommendations of its members. The reforms will allow a fresh start for the strengthening of its Government; its management in line with international standards, an improvement in its functional and operational efficiency, the modernisation of the management of personnel, the definition of new standards in ethics and personal conduct applicable to directors, managers and staff, and the expansion of its area of intervention and new forms of intervention.

After examining the files, the board formally approved the appointment of the chief directors and substitutes for Gabon, Equatorial Guinea, France, the African Development Bank (AfDB) and the CEMAC commission.

At the end of the meeting, Fortunato Ofa Mbo Nchama thanked the Congolese authorities for the warm fraternal reception provided for the directors, and the material and organisational provisions that had made the session possible under the best possible conditions.

Source: Equatorial Guinea Press and Information Office

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