BOAD grants Orabank Côte d’Ivoire two loans totaling XOF20 billion

Lomé, 11 July 2017. Messrs. Christian Adovelande, President of the West African Development Bank (BOAD), and Mamadou Kane, Managing Director of Orabank Côte d’Ivoire (Orabank CI), signed two loan agreements relating to a subordinated loan and a refinancing facility of XOF10 billion each. The ceremony took place in the presence of Mrs. Binta Toure Ndoye, CEO of Orabank Group.

Mr. Mamadou Kane said that “these two loans have a two-fold purpose which is of great importance to us as part of our 2016-2018 strategy: supporting SMEs and consolidating our own funds so as to ensure our development based on growth and performance”.

In addition to consolidating its own funds, the subordinate loan will help Orabank Côte d’Ivoire anticipate compliance with the new prudential framework which will become effective on 1st January 2018 in a context of improved solvency and resilience of WAEMU banks. With regard to the refinancing facility, it forms part of a programme initiated by BOAD and its German partner KfW, which aims to support small and medium-sized enterprises through commercial banks.

For his part, Mr. Christian Adovelande stated that “this signing ceremony confirms the excellent cooperation ties existing between our two institutions in the last five years. Indeed, this marks the third of its kind between BOAD and Orabank Côte d’Ivoire since the restructuring of the Banque Régionale de Solidarité Group. I am delighted to see that this cooperation has led to the emergence of a sub-regional banking group whose development is highly impressive”.

Refinancing facilities represent one of the ways through which BOAD contributes to finding solutions to difficult access of SMEs to funding. To date, it has granted refinancing facilities totaling XOF264 billion to 57 banks and financial institutions.

The two contracts signed with Orabank Côte d’Ivoire has brought up to XOF361 billion the amount of loans granted by BOAD to Ivorian companies, thereby making them the primary beneficiaries of support provided by BOAD in this sector.

Furthermore, above and beyond the support to the private sector, these new operations reflect the commitment of BOAD to support the 2016-2020 national development programme of Côte d’Ivoire, which gathered a donors’ roundtable conference in Paris in 2016. They brought up BOAD’s contribution to XOF152.5 billion for a funding target of XOF350 billion over the five-year period, already accounting for 43.5%.

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