BOAD ends the financial year with new commitments involving XOF156 billion

Irène ASSIONGBONNews

Logo BOADBamako, 14 December 2016. The Board of Directors of the West African Development Bank (BOAD) held its 103rd ordinary session at the premises of the Central Bank of West African States (BCEAO) in Bamako (Mali) under the chairmanship of Mr. Christian Adovelande, Chairman of the Board of Directors and President of BOAD.

The Board, after having approved the minutes of its 102nd session held on 23 September 2016 in Ouagadougou (Burkina Faso), examined and approved the 2016-2020 financial outlook update, the new loan pricing model implementation project and the 2017-2019 programme-budget.

The Board also approved new operations involving XOF156 billion bringing the Bank’s total commitments for 2016 to XOF522.3 billion. Thus, BOAD’s total commitments since commencement of operations in 1976 amount to XOF4,340.1 billion for 1,036 operations.

Loans approved relate to the financial funding of the following projects:

  • Project for socio-economic infrastructure development and food security (PDISSA) in the Niger Basin in Benin. The implementation of this project will make it possible to erect 4 multipurpose dams at Séréwandirou, Wéna, Sinaou and Bassini, and develop downstream the said water dams 169 ha of land for the production of rice and vegetables.  Loan amount: XOF10 billion 
  • Rehabilitation of the Bella II-Gaya-Benin border road (consolidation phase) (Niger) over a stretch of about 73 km and construction of the Bella II­-Sabon Gari and  Gaya-Kamba-Nigeria border road sections over respective distances of 10 km and 16.5 km. Loan amount: XOF15 billion 
  • Construction of Boulevard de Marseille in Abidjan (Côte d’Ivoire). It aims to improve traffic conditions for road users in the city of Abidjan and particularly in municipalities of Marcory and Treichville where the road section is located. Loan amount: XOF27 billion 
  • Rural electrification of 47 communities in the Agadez, Diffa, Dosso, Maradi, Tahoua, Tillabéry and Zinder areas (Niger) using hybrid micro-power plants. The key objective of this project is to improve access to electricity for households by promoting renewable energies. Loan amount: XOF12 billion 
  • Strengthening and redevelopment of SENELEC’s electric power distribution grids (Senegal). This project will contribute to regular power supply in the Dakar, Kaolack, Fatick, Saint-Louis and Tambacounda areas. Loan amount: XOF25 billion 
  • Rehabilitation and operation of the Postel 2001 building by ANSUT in Abidjan (Côte d’Ivoire). The overall objective of the project is to renovate, modernize the building’s functionalities, and increase rental capacities of the Plateau neighborhood. Loan amount: XOF25 billion. 
  • Construction and operation of a 44-MW hydropower plant under a Build-Own-Operate and Transfer (BOOT) contract at Singrobo-Ahouaty by Ivoire Hydro Energy (IHE) SA (Côte d’Ivoire). This project aims to ensure better coverage of domestic demand and meet power export commitments towards neighboring countries through an annual power generation of 217 GWh. Loan amount: XOF15 billion. 
  • Granting of a short-term loan to Coris Bank International (CBI) for refinancing loans extended as part the cotton season in Burkina Faso. The purpose of the operation is to enable CBI to provide adequate support to the operations of key players in the cotton sub-sector in Burkina Faso. Loan amount: XOF10 billion. 

The Board further approved the following proposals:

  • Proposed equity investment by the Bank in the capital of I&P Afrique Entrepreneurs 2 (IPAE2) fund. This fund will support and promote SMEs that contribute to growth and poverty reduction in the WAEMU region. Equity investment amount: XOF2 billion (€3,048,980). 
  • Guarantee for a short-term credit facility granted by SGBCI for the partial funding of gas supply to Compagnie Ivoirienne d’Electricité (CIE). BOAD will therefore allow SGBCI to increase its facility to XOF30 billion to CIE. Loan amount: XOF30 billion. 
  • Granting of a credit facility by KfW to BOAD. This line of credit is aimed at supporting small and medium-sized enterprises (SMEs) in the WAEMU region. Loan amount: €80 million (XOF52.476 billion). 

The Board also delivered a favourable opinion on a proposal for the amendment of BOAD’s Articles of Association and the statement of recovery of BOAD loans as at 30 November 2016.

They finally took note of the following items:

  • Compte-rendu de la 23ème  réunion du Comité d’Audit de la BOAD.
  • Rapport de l’évaluation thématique de la durabilité des projets routiers : constats et enseignements des financements de la BOAD de 2000 à 2012.
  • Rapport de l’évaluation rétrospective de performance du projet de développement du secteur de l’artisanat au Mali.
  • Rapport de l’évaluation rétrospective de performance du projet d’implantation d’une unité de transformation de fèves de cacao à San-Pedro par la société Ivory Cocoa Products (ICP) SA.
  • Rapport de l’évaluation rétrospective de performance du projet d’implantation d’une aciérie par la société les « Aciéries de Côte d’Ivoire (ACI) ».
  • Compte-rendu de la réunion ordinaire du Conseil des Ministres de l’UMOA tenue le 26 septembre 2016 à Ouagadougou.

Members of the Board finally took note of the following items:

  • Minutes of the 23rd session of BOAD Audit Committee.
  • Thematic evaluation report on road project sustainability: findings and lessons learnt from BOAD loans from 2000 to 2012.
  • Ex-post performance evaluation report on the handicraft sector development project in Mali.
  • Ex-post performance evaluation report on the cocoa bean processing unit construction project at San-Pedro by Ivory Cocoa Products (ICP) SA in Côte d’Ivoire.
  • Ex-post performance evaluation report on the steel mill construction project by “Les Aciéries de Côte d’Ivoire (ACI)”.
  • Minutes of the ordinary meeting of the WAMU Council of Ministers held on 26 September 2016 in Ouagadougou (BOAD/CA-C6).

In closing the session, the Board Chairman, Mr. Christian Adovelande, on behalf of the Board of Directors, thanked the Malian authorities and the Governor of BCEAO for the warm and brotherly hospitality extended to the members of the Board, as well as for the logistic and organizational arrangements that facilitated the holding of this session under congenial conditions.

                     Saïdou OUEDRAOGO
                   Director, Communication,
                   Marketing and Public Relations
 

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