BOAD grants a XOF10.5 billion loan to Sports City Diamniadio Co. (SCD Co.) for the construction of a hotel and sports complex
Dakar, 10 September 2020: Mr. Serge EKUE, President of the West African Development Bank (BOAD) and Mr. Madani Maki Tall, President of Sports City Diamniadio Co. (SCD Co.), signed a loan contract amounting to XOF10.5 billion for the partial funding of the hotel and sports complex construction project by Sports City Diamnadio (SCD) Co. SA at Diamnadio in Senegal. The funding of this project was approved during the 117th Board meeting held in June 2020.
Its purpose is the construction of a multipurpose complex in the urban centre of Diamnadio, incorporating (i) a four (4) star business hotel of one hundred seventy-one (171) rooms including one hundred sixty-six (166) standard rooms and five (5) suites and (ii) a sports and leisure complex for various sports disciplines (soccer, handball, volleyball, basketball) designed for professional and amateur sportsmen, training sessions and training camps for local and sub-regional teams as well as those participating in various African and international competitions in Senegal and leisure activities as well for the people of the Dakar area.
Upon completion, the project will become a new complete sporting complex in the West African sub-region, capable of meeting the needs of high-level sports, as well as those of amateur athletes of different age groups and levels, while providing several services such as accommodation, catering, trade, education and training.
This project is justified by its contribution to the attainment of the goals set by the Emerging Senegal Plan (ESP) in terms of promoting tourism, sports and leisure sectors as well as the existence of a market characterized by inadequate supply, both quantity and quality-wise. As a reminder, the Emerging Senegal Plan, in its area 1 titled “Structural economic transformation and growth”, aims at consolidating growth engines and developing sectors that create wealth, jobs and social inclusion. In this perspective, BOAD President reaffirmed the institution’s commitment to lend support to projects that will contribute to the creation of values and jobs in the West African sub-region.
The implementation of this project therefore reflects BOAD’s desire to support the promotion of the private sector to play its growth driving role for the economies of the West African Economic and Monetary Union (WAEMU).
This operation brings the total amount of the Bank’s commitments to the private sector in Senegal to XOF212.887 billion.
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About the West African Development Bank
The West African Development Bank (BOAD) is the common development finance institution of the member countries of the West African Monetary Union (WAMU). It is an international public institution whose purpose, as provided under Article 2 of its Articles of Association, is to promote the balanced development of its member countries and foster economic integration within West Africa by financing priority development projects. It is accredited to the three climate finance facilities (GEF, AF, GCF). Since 2009, BOAD sits as an observer at the UNFCCC and actively participates in discussions on architecting an international climate finance system. Since January 2013, it has been home to the first Regional Collaboration Centre (RCC) on the Clean Development Mechanism (CDM), whose aim is to provide direct support to governments, NGOs and the private sector in the identification and development of CDM projects. Moreover, the Bank is committed to carbon neutrality by 2023 and is an active member of the International Development Finance Club (IDFC) which brings together 24 national, regional and bilateral development banks.