BOAD, PUTTRU digitalize to increase funding for energy in the WAEMU region
The West African Development Bank (BOAD) and PUTTRU Technologies are partnering to facilitate and increase the flow of funding to energy companies operating in the member countries of the West African Economic and Monetary Union (WAEMU), including Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo).
As the common development finance institution of the WAEMU member countries , BOAD, has chosen sustainability as strategic focus for the 2021-2025 period. Known as Plan Djoliba, BOAD will finance projects that strengthen regional integration, contribute to digitizing the West African economy, create value and productive jobs, and build greater resilience to climate change.
In line with the Bank’s strategic focus, a sustainability bond was issued. The oversubscription of the bond, by over six times, for a total market demand of €4.4 billion shows investors’ confidence in the institution and WAEMU economies. Having mobilized €750 million through the bond issue, BOAD intends to accelerate financing of projects that meet the Bank’s funding criteria.
To contribute to the achievement of this goal, PUTTRU and BOAD, through the Bank’s Departments for Infrastructure and Digital Economy and Energy and Natural Resources, are partnering to digitize and disrupt the traditional process of providing funds to companies. This is in recognition of the increasing role of technology in reducing the high transaction costs associated with identifying investable opportunities in Africa.
PUTTRU is a technology company that aims to facilitate and fast-track access to funds for African state-owned or privately held energy companies. The company provides a state-of-the-art digital platform that connects financiers, energy companies, transaction advisory services, allowing such parties to interact, negotiate, close and track investment deals electronically. Furthermore, the innovative platform makes syndications possible – allowing several financiers, regional and commercial banks, to participate in private and public small, medium and large-scale energy projects.
Over the coming months, BOAD and PUTTRU will intensify activities in project identification, screening and on-boarding to the PUTTRU digital platform. Financing of projects in BOAD’s portfolio will follow the Bank’s financing characteristics: long maturities of loans (up to 18 years), repayment starts within 5 years at most, and disbursement period last for 5 to 18 years. Furthermore, commercial banks interested in accessing credit lines from BOAD to fund small to medium ticket energy transactions will be supported to on-board the platform. For large transactions, BOAD, EBID and a growing number of banks may syndicate.
To register and on-board the PUTTRU platform, kindly send an email to firstname.lastname@example.org
For further information, please contact:
Communication and Public Relations Department of BOAD
Tel.: + 228 22 23 25 65 / WhatsApp: +228 99 99 32 15
Fax: + 228 22 23 24 38