BOAD receives a XOF92 billion credit facility from AfDB
Lomé, 21 November 2016. Messrs. Bassary Toure, Vice-President of the West African Development Bank (BOAD), and Serge Nguessan, Resident Representative of the African Development Bank (AfDB) in Togo, signed an agreement under which AfDB granted to BOAD a credit facility of €140 million, or roughly XOF92 billion.
This credit facility consists of two tranches: a first tranche of €100 million over a 10-year term, and a second tranche of €40 million over 15 years. These resources will help increase BOAD’s support to the private sector, being one of the development pillars of the sub-region’s economies. Projects underlying this credit facility should create 1,270 direct full-time jobs and 3,270 direct temporary jobs.
This new facility brought to €258 million, or XOF169 billion, the total amount of loans received by BOAD from AfDB. This is part of the solid partnership existing between the two institutions since 1978, and which has materialized into a diversified financial and technical cooperation as well as the co-financing of many projects in the WAEMU member countries in sectors such as energy, mining, agriculture, rural development and infrastructure. Moreover, AfDB is a member of BOAD Board of Directors.
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