 HISTORY AND STRUCTURE OF THE CAISSE AUTONOME D'AMMORTISSEMENT (CAA) |
Established on on the eve of independence by decree No. 59-209 of 21 October 1959 to assess Côte d'Ivoire's external credits, the Caisse Autonome d'Ammortissement (i.e. Sinking Fund), a public parastatal is charged with monitoring the issuance of loans, carrying out debt servicing and managing funds belonging to public establishments. It also manages allocations of national funds.
Initially charged with guaranteeing loans issued
on the French financial market, the CAA has
become increasingly saddled with greater and varied
responsibilities in consonance with the development
strides witnessed by Côte d'Ivoire. |
Built in the image of the French Sinking fund (Caisse Francaise des depots et Consignations), CAA became a public enterprise with financial autonomy by virtue of Article 1 of Law No. 88-681 of 22 July 1988.
Its financial and accounting systems are thus different from those of other public parastatals and specifies its objectives.
Indeed, it operates as a financial institution, which consequently places the responsibility of strict financial and accounting operations in terms of organisation and monitoring, on its Managing Director. |
