BOAD Board of Directors meets in hybrid mode and approves new loans totalling XOF63.735 billion

Irène ASSIONGBONNews

16 March 2022.  The Board of Directors of the West African Development Bank (BOAD) held its 129th ordinary meeting in hybrid mode, under the chairmanship of Mr. Serge Ekue, Chairman of the Board and President of BOAD.

Following approval of the minutes of its 128th meeting held on 25 February 2022 by videoconference, the Board examined and approved the annual accounts closed as at 31 December 2021 as well as five (5) loan proposals involving XOF63.735 billion. These new loans bring BOAD’s total commitments (all operations combined) to XOF6,743.3 billion since commencement of its operations in 1976.

The approved loans relate to the partial funding of the following projects:

  • The hydro-agricultural development project using smart and climate resilient practices in Niger. The project’s overall objective is to contribute to sustainable food security by building greater resilience of communities to climate change through modern irrigation and agricultural production techniques. Loan amount: XOF7 billion
  • The Bissau-Dakar highway corridors upgrading project (Phase 1): planning and asphalting of the Farim-Dungal-Senegal border road and construction of the Farim Bridge, in the Republic of Guinea Bissau. The project will contribute to the creation of conducive conditions for regional integration and improved living conditions of communities in the project area: Loan amount: XOF10 billion
  • The Hamdara-Wacha-Doungass-Nigeria border road planning and asphalting project. These works will ensure the opening-up of the area with a view to facilitating economic, social and cultural interaction at national and sub-regional level. Amount of the operation: XOF21.735 billion;
  • The sanitation programme in 10 cities in the Republic of Senegal. The programme seeks to significantly improve the living conditions and health of communities by promoting sustainable access to public sanitation services. Loan amount: XOF15 billion.
  • Granting of a short-term credit facility to Banque Nationale pour le Développement Economique (BNDE) for the partial funding of the 2022-2023 groundnut season in the Republic of Senegal. The XOF10 billion refinancing facility will make it possible to purchase 38,000 tonnes of groundnut seeds from producers in the Senegalese groundnut basin.

In addition, the Board members endorsed the 2021 annual report, the statement of recovery of BOAD loans as at 28 February 2022 and the overall situation of recoveries as at 31 December 2021, the note on the updating of BOAD General Policy Statement. They further took note of the following items submitted for information:

  • Situation of BOAD’s operations per country as at 31 December 2021
  • Implementation of the 2021-2025 strategic plan: Year 1 review
  • Status of implementation of BOAD’s IT system master plan for FY2021
  • Status of utilization of resources mobilized by BOAD as at 31 January 2022;
  • Information note on the Green Climate Fund (GCF) grant and loan for the funding of the hydro-agricultural development project using smart and climate resilient practices in Niger.

In his closing remarks, Chairman Serge Ekue, on behalf of the Board of Directors, expressed his appreciation to the Togolese authorities and commended the Bank staff for the efforts put up in organizing this meeting under congenial conditions.

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