Managing Dir. message

Mr. Jean Baptiste N. KOUAME

Besides the simple redefinition and change of name to “CIMA States Joint Reinsurance Company”, which occurred in April 16, 2009, the exhaustive changes carried out recently within the CICA-RE, were an indication of the common will of the Founding States to associate private institutions also working for the purpose of integration. The benefits and strength of such a business partnership are evident, in a global economic context where, even in the developed countries, the state must launch rescue operations to support private companies.

The measures taken by the Finance Ministers of the member states in the framework of Strategic Development Plan for CICA-RE 2009 - 2020 reinforce this will.

These comprise:

  • opening up the company’s shares to private partners,
  • raising the social capital to F CFA 20 billion,
  • the decision to lower the States’ contribution from 73% to 51%, at this stage of the company,
  • revising the basic provisions of the company, to suit the new legal environment of business,
  • enlarging the Management Board as a scope for the company to acquire the know-how of the private partners

These convincing measures are for enabling the share capital increment process to proceed generally in a satisfactory manner.

Six (6) months to the closing of this important operation, we still expect the institutional investors invited lately and who are still reluctant, namely the BOAD and most of the insurance groups operating in the CIMA zone, to join the CICA-RE to provide the boost required by this private/public partnership.

 

Jean Baptiste N. KOUAME

Managing Director

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The basic provisions of the CICA-RE were revised at the Member States General Meeting of April 16, 2009, held alongside the Franc Zone Finance Ministers Conference in Ouagadougou (Burkina Faso) (...)

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