BOAD supports two agricultural projects in Mali
Bamako, 13 July 2016. Mr. Christian Adovelande, President of the West African Development Bank (BOAD) has signed two loan agreements totalling XOF10 billion to strengthen food security in Mali. Under the first agreement signed with Mr. Boubou Cisse, Minister of Economy and Finance of Mali, BOAD will finance the final stage of the second phase of the Molodo north hydro-agricultural project in the Office du Niger area. Under the second loan agreement signed with Mr. Ibrahima Maiga, Chairman of the AGRIZED Board, BOAD will support the company’s rice, onion, potato and maize cultivation project at M’Béwani, also in the Office du Niger area.
The Molodo north project involves the development and rehabilitation of 4,300 ha of irrigated lands in order to increase paddy rice production by 25,800 tonnes and vegetable production by 24,080 tonnes. The loan granted, involving XOF7.5 billion, is BOAD’s third financial contribution to the project, after two previous loans involving XOF8 billion and XOF9.5 billion. This new loan therefore brings to XOF25 billion, the total amount of funding provided by BOAD for this project.
The AGRIZED project involves the rehabilitation and operation of an irrigated land covering 1,000 ha at M’Bewani for rice, onion, potato and maize production. The loan granted by BOAD involves an amount of XOF2.5 billion. The success of this project could further strengthen BOAD’s resolve to support initiatives in the agribusiness sector.
Commenting on these loan agreements, Mr. Christian Adovelande indicated that “these projects epitomize the efforts being made by WAEMU member countries to strengthen food security. Given the fast pace of population growth in our member countries, we recognize the need to double our efforts to substantially increase food production. In an attempt to promote the well-being of the populations, BOAD is committed to playing its role as a financing instrument.”
These new loans bring BOAD’s financial assistance in Mali to XOF106 billion for rural development and XOF152 billion for the private sector. So far, BOAD’s cumulative funding to Mali, covering all sectors, stands at XOF535 billion.
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