BOAD funding approvals for the FYE2021 totaling XOF436.2 billion for 32 operations

Irène ASSIONGBONNews

16 December 2021. The Board of Directors of the West African Development Bank (BOAD) held its 127th ordinary meeting in hybrid mode, combining videoconference and personal presence of some directors in Lomé, under the chairmanship of Mr. Serge Ekue, Chairman of the Board and President of BOAD.

Following approval of the minutes of its 126th meeting held on 23 November 2021 by videoconference, the Board examined and approved the Bank’s 2022-2026 financial outlook update as well as the 2022-2024 draft programme-budget. The Board further examined and approved four (4) loan proposals involving XOF61.88 billion. These new loans bring the amount of commitments for FY2021 to XOF436.2 billion as of date, and BOAD’s total commitments (all operations combined) to XOF6680,2 billion since commencement of its operations in 1976.

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

  • Timbuktu rice plains development project in the Republic of Mali. The project aims at rehabilitating and extending 1,544 ha of irrigated perimeter, mainly involving the rehabilitation of the irrigation network (secondary, tertiary, internal and drainage canals) and 11.5 km of tracks. It is also planned to provide capacity building for farmers, support for agricultural equipment and materials, environmental protection as well as socio-economic infrastructure. Loan amount: XOF8 billion.
  • Construction of dams and development of lowlands and irrigated perimeters in the Ganzourgou province in Burkina Faso. The project involves the construction of five (5) dams and the development of 195 ha of irrigated perimeters and lowlands for rice production and market gardening. This loan will contribute to enhanced food security and promotion of sustainable development. In terms of development outcomes, the project will contribute to the intensification and increase of agricultural, pastoral and fisheries production, job creation and poverty alleviation through additional wealth creation. Loan amount: XOF8.5 billion.
  • Construction of the Dakar-Saint-Louis highway: Mekhe-Saint-Louis road section in the Republic of Senegal. The purpose of the overall project is the construction and development of a 2×2 lane highway with a central median between Dakar and Saint-Louis, passing through Tivaouane. The project is justified by: (i) the need to relieve congestion on the trunk road No. 2; (ii) the inclusion in the Emerging Senegal Plan (PSE); and (iii) the contribution to regional integration. Loan amount: XOF30 billion.
  • Construction of the Kourouba hydropower plant and its connection to the power grid of Energie du Mali (EDM SA). The project involves the construction of a 3.9 MW mini hydropower station on the Kourouba weir, the construction of the associated 33 kV power transmission line as well as the electrification of the towns of Kourouba, Gouala and Tiakadougou Faraba. Loan amount: XOF15 billion.

The Board also approved the KfW additional grant proposal to BOAD for “Loans adapted to natural disasters (PACAN)”. A first project of its kind in the region, it will enable the Bank to respond to some extent to the problems associated with the management of natural disasters frequently experienced by member countries.

Furthermore, the directors issued a favourable opinion on the statement of recovery of BOAD loans as at 30 November 2021 and were informed about the following items:

  • Minutes of the 38th meeting of BOAD Audit Committee;
  • Rapid participatory impact assessment of the food security support project in the Biombo, Gabu and Tombali areas in Guinea-Bissau (PASA);
  • Information note on BOAD loan insurance: the “Indoukat” project implementation report.

In his closing remarks, Chairman Serge Ekue, on behalf of the Board of Directors, commended all stakeholders for the work accomplished during the year and expressed his deep appreciation for the inputs, the quality of discussions and the friendly atmosphere surrounding Board meetings throughout 2021. He finally extended to everyone his best wishes for the year 2022.

 

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