BOAD reports a net income of XOF8.4 billion for 2014

Irène ASSIONGBONNews

Logo BOADDakar, 19 March 2015. The Board of Directors of the West African Development Bank (BOAD) held its 96th ordinary meeting on 19 March 2015 under the chairmanship of Mr. Christian Adovelande, President, Chairman of the Board of Directors. Following the adoption of the minutes of its 95th Board meeting held on 15 December 2014 in Cotonou, the Board considered and approved several items including the statement of accounts for the year ended 31 December 2014. The institution reported a net income of XOF8.399 billion as against XOF10.872 billion in the previous year. The decrease in income was mainly due to unrealized forex losses on foreign currency debt. It should be highlighted that in the course of 2014, the WAEMU Council of Ministers decided to convert into equity, in the form of grant, the initial capital of XOF250 billion of the Energy Development Fund (FDE). This decision drove the institution’s equity to XOF619 billion as of 31 December 2014, thereby increasing its leveraging capacity. Besides, the Board approved 9 medium and long-term loan proposals involving a total amount of XOF109 billion and 4 short-term loan proposals amounting to XOF21.4 billion. These new loans brought to XOF3,293.3 the aggregate amount of medium and long-term loans extended by BOAD, excluding FDE loans, for 736 projects. The aggregate amount of short-term facilities stood at XOF195.5 billion.

Loans approved were meant for the partial funding of the following projects:

  • Proposed rehabilitation and planning of growth-generating thoroughfares in the autonomous districts and regional capitals (Côte d’Ivoire): XOF15 billion
  • Proposed planning and asphalting of growth-generating road infrastructure (Mali): XOF20 billion
  • Proposed rehabilitation of the trunk road No.17 over the Katchiamba-Sadori road section (Togo): XOF9 billion
  • Proposed rehabilitation of urban thoroughfares in Bissau – Phase 3 (Guinea Bissau): XOF12 billion
  • Proposed construction of a 120 MW thermal power plant at Maria Gleta (Benin): XOF10 billion
  • Upgrading of safe drinking water supply system in Parakou and surrounding communities (Benin): XOF8 billion
  • Proposed construction of a 90-MW thermal power plant at Kayes by Albatros Energy Mali SA (Mali): XOF15 billion
  • Proposed inception of a telecom network by Alpha Telecommunication Mali (ATEL MALI) SA (Mali): XOF10 billion
  • Proposed rehabilitation and operation under “Radisson Blu” banner of Hôtel 2 Février in Lomé by Kalyan Hospitality Development Togo SAU (Togo): XOF10 billion
  • Proposed short-term refinancing facility to Coris Bank International (CBI) for funding the financial requirements of Société Burkinabé des Fibres Textiles (SOFITEX) as part of the 2014-2015 cotton season (Burkina Faso): XOF6 billion
  • Proposed short-term credit facility to Compagnie Malienne pour le Développement des Textiles (CMDT) for the partial funding of the 2014-2015 cotton season (Mali): XOF4.42 billion
  • Proposed short-term credit facility to the Government of Niger for the procurement of materials meant for power grids and gensets under the 2015-2016 emergency rural electrification programme (Niger): XOF8 billion
  • Proposed short-term credit facility to CCBM Industries Espace Auto (CCBM-IEA) for funding the assembly and marketing of agricultural machinery and rolling stock (Senegal): XOF3 billion
  • Proposed cancellation of the second credit facility extended by ITFC to BOAD and provision of a credit line to BOAD by the Arab Bank for Economic Development in Africa (ABEDA) for funding short-term operations
  • Proposed provision of an overdraft facility to BOAD by the Islamic Corporation for Private Sector Development (ICD)

The Board of Directors delivered a favourable opinion on the 2014 Annual Report as well as the statement of recovery of BOAD loans as at 28 February 2015 and the overall situation of recoveries as at 31 December 2014. Thereafter, it took notice of the following items:

  • Minutes of the 20th meeting of BOAD Audit Committee;
  • Annual budget implementation report for 2014 under the 2014-2016 programmebudgeting;
  • Status of banking operations per country as at 31 December 2014;
  • Status of the utilization of resources mobilized by BOAD as at 31 January 2015;
  • Progress report on the 2014-2021 bond loan issue at 5.95%;
  • Progress report on the Bank’s credit rating process and completion of a borrowing programme in the international capital market;
  • Situational and outlook report on the reorganization of BRS Group;
  • Digest of recommendations and decisions made during Board meetings held in 2014;
  • Minutes of the ordinary meeting of WAMU Council of Ministers held on 22 December 2014 in Cotonou.

In closing the meeting, President Christian Adovelande thanked, on behalf of the Board, the Senegalese Authorities and the Governor of BCEAO for the warm and fraternal welcome extended to Directors, and the material and organizational arrangements that facilitated the organization of this meeting under congenial conditions.

Saidou Ouedraogo

Director, Communication,

Marketing & Public Relations.

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