BDEAC General Assembly Meeting closes

The Central African States Development Bank (BDEAC) obtained an historic net profit in 2018 of over 12 thousand million FCFA.

The BDEAC held its first annual meeting of the General Assembly in Malabo in 20th April 2019, under the presidency of Louis – Paul Motaze, Minister for Finance in Cameroon. In his speech, after giving a warm welcome to the new ministers taking part for the first time in the General Assembly, opened the session by highlighting the main reforms carried out within the financial institution, which have allowed the modernisation of its operations.

BDEAC now has a solid regulatory framework”, he said, during his speech. The General Assembly reviewed the management report from the president of the bank, Fortunato Ofa Mbo, which was congratulated for the encouraging results obtained, which has allowed the bank to recover its credibility and influence; and recommended that the president continued along the same lines.

Then, the general assembly took note of the reports from the auditors presented by Price Waterhouse Coopers and Grant Thornton, on the state of the bank’s finances for the year ending 31st December 2018, which returned a net profit of 12.1 billion FCFA, against 2.3 billion in 2017, an increase of 426%. The shareholders were particularly satisfied with the exceptional progress shown in the bank’s results. This shows not only the successful outcome of the transactions carried out by senior management and the control of costs, but also the resilience of the institution in a bleak economic context.

Through management indicators that are increasing, the BDEAC is reaffirming the deployment of its activities half way through its 2017-2022 Strategic Plan.

The shareholders reviewed and approved the report on activities for 2018, including the international and subregional economic environment seen during the period and the performance of shares during the year.

The assembly also adopted the policy and procedures for complementary financing, and the policy and procedures for the cancelling of loans. Finally, the ministers, acutely aware of the warm and brotherly welcome received during their stays in Malabo, expressed to the Equatoguinean Government and people their sincere and deep gratitude.

Source: Equatorial Guinea Press and Information Office

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