BANCA - AEDIC

AFRICA BDEAC will buy shares in Afreximbank

(Invest in Africa) - Cameroon's Minister of Finance (Minfi), Louis Paul Motaze, chaired the board of directors of the Central African States Development Bank (BDEAC) in Congo-Brazzaville on 9 August. During this meeting, we learn, the board approved BDEAC's proposed participation in the capital African Export-Import Bank (Afreximbank). "The Bank's participation in the capital of this continental institution is fully consistent with its 2017-2022 strategic plan, particularly in light of its new trade finance policy in the sub-region. This acquisition of participation also responds to the cross-cooperation policy adopted by the two institutions under the memorandum of understanding signed on 6 March 2018 ". explains BDEAC. However, it does not specify the level of participation in Afreximbank's capital. Based in Cairo and operating in Abuja, Abidjan, Harare and Kampala, Afreximbank is a supranational financial institution. As of 31 December 2017, the authorised share capital of this bank amounted to $ 5 billion (almost FCFA 3 trillion). It consists of 500,000 ordinary shares of USD 10,000 (almost FCFA 6 million) each. The condensed financial statements for the year ended 31 December 2018 show total comprehensive income of $ 285.4 million. BDEAC and Afreximbank have regularly financed projects in tandem. For example, on 11 July 2018, they signed a EUR 500 million (approximately FCFA 327.5 billion) co-financing framework agreement in favour of CEMAC. This was in response to numerous requests for project funding from countries in the sub-region of Cameroon, CAR, Congo, Gabon, Equatorial Guinea and Chad. africaaedic.eu

BANQUE DES ETATS DE L'AFRIQUE CENTRALE - BEAC

BEAC (Bank of Central African States- BCAS). It originated from the Banque Centrale des Etats de l'Afrique Equatoriale et du Cameroun (BCEAEC), which in turn derived in 1959 from the reorganisation of the Institut d'Emission de l'Afrique Equatoriale Francaise et du Cameroun. The transformation of the BCEAEC into the BEAC followed the conclusion on 23.11.1972 of a new monetary cooperation agreement with France by five countries: Cameroon, the Central African Republic, Chad, the Republic of Congo Gabon to which Equatorial Guinea was added on 1.1.1985 and which form a monetary union, the UMAC. The six countries are part of the French franc area (q.v. for the effects of the changeover to the euro) and the BEAC is the issuing institution of the CFA franc, a regional legal tender freely convertible into French francs and, since 1.1.1999, into euros. The Bank is headquartered in Yoaundé (Cameroon) and is governed by a Governor and a 13-member directorate, 10 appointed by the six member states and three by France. The Bank exercised banking supervision until 1992. In this year, the office was hived off and erected with effect from 22.12.1992 into the autonomous Commission Bancaire de l'Afrique Centrale: (COBAC) in charge of drafting banking regulations and supervision. COBAC is chaired by the Governor of BEAC while the Secretary General is appointed by the Conseil des Ministres of CEMAC (Communauté Économique et Monétaire de l'Afrique Centrale). africaaedic.eu

BANQUE CENTRALE DES ETATS DE L'AFRIQUE DE L'OUEST - BCEAO

BCEAO (ingl. Central Bank of West African States-CBWAS). Multinational central bank of the West African Monetary Union (WAEMU). Its origins date back to the Institut d'Emission de l'Afrique Occidentale Française et du Togo established in 1955 in Paris, transformed into Banque Centrale des Etats de l'Afrique de l'Ouest on 4.4.1959. The establishment of the BCEAO as a bank under international law, also based in Paris, followed the conclusion of the first treaty of the Union Monétaire Ouest Africane (UMOA) on 12.5.1962. The statutes of the BCEAO are annexed to the treaty. The relocation of the headquarters to Dakar (Sénégal) took place in June 1978. The Bank is the issuing institution of the CFA franc (a regional legal tender freely convertible into French francs and, from 1.1.1999, into euros) for the eight countries of the French franc zone (q.v. for the effects of the changeover to the euro). It is governed by a Board of Directors made up of 18 members, two from each participant (the 8 States of the UMOA plus France), chaired by the Governor who, however, does not have the right to vote. It is present in each member state with a national agency and also with other agencies. At the national agency there is a Comité national du crédit composed of the Minister of Finance, the two state representatives on the Bank Council and four members appointed by the local government. The Governor of the BCEAO attends the meetings in an advisory capacity. The National Credit Committees regulate the distribution of credit and money creation at the national level under the control of the Bank's Board of Directors. In addition to issuing money, the ECBAO performs the tasks of centralising foreign exchange, managing monetary policy, maintaining the state treasury, defining banking law and acting as IMF agent for the eight countries of the UMOA. Supervision is exercised by the Banking Commission, established on 24.4.1990 and chaired by the Governor of the ECBAO. The BCEAO also supports the Commission Bancaire with secretariat services. The Bank also plays an important role in the field of research and studies on economic, financial and legal matters and training in the interests of the Member States. It conducts training with the Centre Ouest Africain de Formation et d'Etudes Bancaires (COFEB) at its premises and took over the Centre Africain d'Etudes Supérieures en Gestion (CESAG) established in 1985 from the CEAO in 1994. The BCEA proposed in 2000, together with the BOAD, the establishment of a Banque Régionale de Solidarité (BRS) for the UEMOA area for the financing of private micro-projects and for technical and management assistance and advice for small entrepreneurs. The new institution should be set up by 2002 and should consist of a holding company called Groupe de la Banque Régionale de Solidarité, to which various banking and non-banking companies or subsidiaries should be attached, as well as a Trust Fund, intended to collect funds from patrons willing to contribute to the fight against poverty. Shareholders of the new Group should be the UEMOA states, the BCEAO, the BOAD and other available public and private actors. africaaedic.eu

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