BOAD 111th Board Meeting: 3 projects approved for XOF15.21 billion. The Bank ends the year with total funding approvals for 2018 amounting to XOF414.51 billion for 39 operations, thus representing cumulative commitments of XOF5,308.71 billion for 1,141 operations since commencement of activities in favour of WAEMU member countries, private sector and people.

BAVONNews

Dakar, 19 December 2018. The Board of Directors of the West African Development Bank (BOAD) held its 111th ordinary meeting at the premises of the Central Bank of West African States (BCEAO) in Dakar (Senegal) under the chairmanship of Mr. Christian Adovelande, Board Chairman and President of BOAD. Following the adoption of the minutes of the 110th Board meeting held on 19 September 2018 in Abidjan (Côte d’Ivoire), the Board examined the Bank’s 2018-2022 financial outlook update and the draft programme-budget. Furthermore, the Board members approved the participation of BOAD in the institutional reform of the Regional Market Bank (BRM) in Senegal, the update of BOAD’s financial security policy on anti-money laundering and counter-financing of terrorism (AML/CFT).

At this meeting, Board members approved three (3) new operations involving a total of XOF15.21 billion. These operations bring to XOF5,308.71 billion BOAD’s cumulative commitments (all operations combined) since the beginning of its activities.

Loans approved are meant for the partial funding of following projects:

  • Partial financing of the expansion of the dry port of Bobo Dioulasso in Burkina Faso. The purpose of the project is to expand the dry port of Bobo Dioulasso from 19 ha to 40 ha through the construction of a 21-hectare-multimodal platform to process goods from and to Burkina Faso and in transit to neighbouring countries. Its implementation will help improve the quality of transportation and processing of goods for import, export and transit in Burkina Faso. Loan amount: 71 billion;
  • Granting of a subordinated loan to NSIA Banque Bénin SA. The subordinated loan aims at endowing NSIA Banque Benin SA with stable resources that can be assimilated to actual equity within a prudential framework applicable to WAMU banks to enable it strengthen its solvency and pursue its development. Loan amount: XOF6.5 billion;
  • Granting of a second refinancing facility to BSIC Mali. This refinancing facility intended to refinance productive investment projects in sectors eligible for financing by the Bank, is part of a second programme initiated by BOAD and KFW to support small and medium-sized enterprises (SMEs) in the WAEMU region by improving their access to financing through the commercial banking sector. Loan amount: XOF5 billion;

DSC_8349The Board expressed a favourable opinion on the statement of recovery of the Bank’s loans as at 30 November 2018 and took notice of the following items for information purposes:

  • Minutes of the 29th meeting of BOAD Audit Committee;
  • Summary notes on ex-post performance evaluations regarding the following projects: i) first refinancing facility to Kafo Jiginew in Mali; ii) rehabilitation of subscribers’ network and improved commercial management of Energie du Mali (EDM) SA in Mali; iii) interconnection to CEB and NEPA power grids in Togo;
  • Minutes of the ordinary meeting of the WAMU Council of Ministers held on 21 September 2018 in Abidjan.

In closing the meeting, BOAD President Christian Adovelande expressed, on behalf of the Board, deep appreciation to the Senegalese authorities for their warm and friendly welcome extended to Board members and the congenial material and organizational arrangements that facilitated successful deliberations.

 

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