First BDEAC Administrative Council meeting under presidency of Fortunato Ofa Mbo Nchama

The council meeting held in Congo Brazzaville, the headquarters of the BDEAC (Central African States Development Bank), was the first to be led by Fortunato Ofa Mbo Nchama, since his appointment in March. In addition to looking at the accounts for the fortieth period of the institution to 31st December 2016, it also served for the directors to take note of the evolution of the main management indicators, in particular Net Banking Income (NBI), which grew 12% in 2016.

In accordance with bank statutes, the Administrative Board approved the accounts, and authorised the president of the bank to submit them for approval to the General Meeting. Continuing with their work, the council examined and approved the Bank Annual Report 2016, which provides an overview of the evolution of the international economic environment and that of the CEMAC subregion (Economic and Monetary Community of Central Africa) during the period.

Then a report on the activities and achievements of the institution during 2016 was presented, mainly in terms of the financing of projects, the mobilisation of financial resources, and cooperation.

The report pointed out that the total financing of projects by the Bank in 2016 rose to 110 thousand million Franco CFA, compared to 105 thousand million in 2015, and focussed on the execution of investment projects in the areas of airport infrastructures, agro-industry, and cement, recalling that the outlay for projects tripled in 2016.

With regards to the extension and strengthening of cooperation, those at the meeting praised the signing in 2016 of a loan contract between BDEAC and the China Development Bank (CDB), to finance SMEs in the CEMAC private sector. Furthermore, having examined the Strategic Plan 2017-2022, the council took note of the new financial and organisational strategies it defines.

With respect to other business, the council took note with satisfaction of the entry of the Kingdom of Morocco within the Bank’s capital, encouraged positive business in their handling in order to drain the necessary resources and finance structural projects in the subregion.

During the closing of the meeting, the president Fortunato Ofa Mbo Nchama, thanked the Congo authorities for the warm, brotherly reception, which allowed the session to be held under the best conditions.

Source: Official Web Page of the Government of the Republic of Equatorial Guinea

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