COVID-19: IN SUPPORT TO EMERGENCY MEASURES, BOAD GRANTS XOF120 BILLION TO THE WAEMU MEMBER COUNTRIES AND FREEZES DEBT REPAYMENT INVOLVING XOF76.6 BILLION.
25 March 2020. The Board of Directors of the West African Development Bank (BOAD) gathered for its 116th ordinary meeting, under the chairmanship of Mr. Christian Adovelande, Chairman of the Board of Directors and President of BOAD. On account of restrictions related to the COVID-19 pandemic, the meeting was held through videoconference.
As regards the support to member countries in connection with the fight against COVID-19 and based on a proposal by BOAD President, Chairman of the Board of Directors, the Board decided to grant to the WAEMU member countries XOF120 billion in concessional loans (XOF15 billion per country) to be disbursed immediately; such loans are softened through the interest subsidy mechanism replenished by BCEAO and the WAEMU Commission for XOF25 billion and XOF15 billion, respectively. The Board further decided a suspension of prompt notices for principal repayment involving XOF76.6 billion owed by member countries for the rest of the year, in support to their response to the pandemic.
In addition, the Board of Directors approved several loan proposals whose details are included in a news release issued at the same time as this statement.
In closing the proceedings, Chairman Christian Adovelande, on behalf of the Board of Directors, expressed thanks to all stakeholders for their mobilization and renewed the institution’s support to the affected populations as well as to the entire scientific community which has been working hard to address the coronavirus pandemic.
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