BOAD’s Board of Directors approves loans in a total amount of XOF’80 billion

Bissau, 26 June 2015.  The Board of Directors of the West African Development Bank (BOAD) held its 97th ordinary meeting within the premises of the Central Bank of West African States in Bissau (Guinea Bissau) under the chairmanship of Mr. Christian Adovelande, President, Chairman of the Board of Directors.

Following the adoption of the minutes of its 96th Board meeting held on 19 March 2015 in Dakar, the Board considered and approved the mid-term review of 2015 financial outlook and a proposed revision of the Bank’s activity levels.

Besides, the Board approved 9 medium and long-term loan proposals involving a total amount of XOF73 billion and 1 equity investment proposal amounting to XOF1.5 billion. These new loans brought to XOF3,368 billion the aggregate amount of loans granted by BOAD. Moreover, two short-term facilities for a total of XOF7 billion were approved. The aggregate amount of facilities in this category was then brought up to XOF202.5 billion for 26 operations.

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

  • Rehabilitation and planning/asphalting of the main roads in Maradi (Niger): XOF10 billion;
  • Sanitation programme in ten (10) towns in Senegal: XOF10 billion;
  • Street paving and sanitation in twelve (12) townships in Benin: XOF15 billion;
  • Electrification of 177 villages using mini-solar photovoltaic power plants (2014-216 national emergency rural electrification programme) in Senegal: XOF10 billion;
  • Strengthening and promotion of inclusive finance for farmers and youths’ access to financial services (Togo): XOF5 billion;
  • Construction of an injection solution production unit by PARENTERUS SA at Bayakh (Senegal): XOF2.5 billion;
  • Construction of a clinker grinding plant by IVORY DIAMOND CEMENT (IVOCEM DIAMOND) SA at Anyama (Côte d’Ivoire): XOF7.5 billion;
  • Granting of a refinancing facility to Banque Sahelo-Saharienne pour l’Investissement et le Commerce Mali (BSIC Mali SA): XOF6.5 billion;
  • Granting of a third refinancing facility to Banque Malienne de Solidarité (BMS-SA): XOF6.5 billion;
  • Short-term facility to Grand Distributeur Céréalier du Mali (GDCM) for funding the import of foodstuffs in Mali: XOF3 billion;
  • Short-term facility to TOGUNA AGRO-INDUSTRIES SA for funding the import of raw materials for agricultural inputs production (Mali): XOF4 billion.

The Directors also approved an equity investment by BOAD in the share capital of the investment fund referred to as “INVESTISSEUR ET PARTENAIRE POUR LE DEVELOPPEMENT 2 (IPDEV 2) to the tune of XOF1.5 billion.

Furthermore, the Board of Directors delivered a favourable opinion on the statement of recovery of BOAD loans as at 31 May 2015.

At last, it took notice of the following items:

  • Note on the impact of a full disbursement of commitments given as at 31 December 2014 under FDC on the Bank’s future results, with no new concessionary resources available;
  • Report on the rating of BOAD by international rating agencies;
  • Note on the accreditation of BOAD as an implementing entity to the GEF;
  • Note on the designation of KfW in lieu of DEG for the fiduciary management of Germany’s shares in the share capital of BOAD;
  • Loan proposal for the partial funding of the proposed construction of SENELEC’s 225 kV loop (phase 2) in Senegal;
  • Report on BOAD bond loan issue for 2015-2022;
  • Minutes of the ordinary meeting of the WAMU Council of Ministers held on 30 March 2015 in Dakar

In closing the meeting, President Christian Adovelande thanked, on behalf of the Board, the Bissau-Guinean authorities and the Governor of BCEAO for the warm and fraternal hospitality extended to Directors, and the material and organizational arrangements that facilitated the holding of this meeting under congenial conditions.