Dear Sir/Madam
The COVID-19 pandemic-related situation that the world, including our member countries are experiencing, spares no activity, institution, company, nor country.
Health protection measures taken at global level and in each of our countries to mitigate the risks of contamination are imposed on everyone, and the West African Development Bank (BOAD) immediately adopted the same. A couple of weeks ago, I therefore decided strict compliance with those measures by all staff, including cancellation of all trips, implementation of an internal awareness-raising campaign, limiting visits to headquarters’ premises, lockdown of staff members who have recently travelled to areas heavily affected by the virus or who have hosted in their homes people from such high-risk areas, as well as activating teleworking and videoconferencing.
Since 24 March 2020, in addition to the above measures and as recommended by our health, safety and working conditions committee, I have decided to lock down the staff of the headquarters and our resident missions for a period of fourteen (14) days, renewable, and to activate our business continuity plan (BCP).
The gatherings of our governing bodies were maintained and held by videoconference. Indeed, we did hold our 116th Board meeting through this and projects already evaluated were submitted to Directors for approval and funding. As part of support to member countries in the fight against the spread of COVID-19, an overall package of XOF196.6 billion including XOF120 billion of concessional loans were made available and subsidized with the support of the Central Bank of West African States (BCEAO) and the West African Economic and Monetary Union (WAEMU) Commission.
Furthermore, in consultation with our multilateral financial partners, discussions are underway to define support to be provided to the private sector. Thus, in conjunction with commercial banks, this support could take several forms: (i) contribution to the financing of short-term requirements for revamping business or (ii) medium/long-term loans for productive investments to consolidate, strengthen or optimize production tools.
To ensure continuity of the Bank’s activities, a suitable operating method has been put in place. It combines teleworking for most of the staff in lockdown at home and a limited number of staff on rolling standby duty at the headquarters, performing tasks crucial to the functioning of the institution. As a result, projects under implementation continue to be monitored and disbursements are being made according to the technical and security modalities provided for in the area.
The Vice-President and I continue to assume duties in our capacities at the service of the institution.
Projects already evaluated and submitted for analysis to our various internal committees and, which were not included on the agenda of our last Board meeting on account of constraints related to the technical conditions of the gathering, could be submitted to Directors for approval at meetings to be held in the coming months following the same operating procedure.
We will continue to closely monitor the development of the pandemic by complying with the guidelines adopted by the authorities of the WAEMU member countries whilst taking steps to ensure continuation of project financing activities, security and well-being of the staff and populations of the Union.
Yours sincerely,
| Christian ADOVELANDE |
| Président de la BOAD |
INFORMATION NOTICE : BOAD’s action on COVID-19
Lomé, 2 March 2020. Mr. Moustapha Ben Barka, the new Vice-President of the West African Development (BOAD) took office at the institution’s headquarters following his recent appointment by the Bank’s Board of Directors.
Mr. Ben Barka attended the first Management Board meeting under the chairmanship of Mr. Christian Adovelande, BOAD President, during which he was introduced to the Bank managers.
The Vice-President is taking office at a time when the Bank has just concluded its 2015-2019 strategic plan, and new projects are announced under a new strategic plan whose key areas are being stabilized and set to be implemented by early 2021.
To date, 1,209 projects were funded by the institution for a total amount of XOF5,809.1 billion, including 72.8% to the public sector and 27.2% to the private sector. These loans were distributed, inter alia, in a proportion of 67.2% to infrastructure, 11.7% to finance and insurance, 11.5% to food security and rural development and 6.6% to manufacturing.
Previously Minister, Permanent Secretary of the President’s Office of the Republic of Mali, after serving as Minister of Industry and Investment Promotion and Minister reporting to the Minister of Economy and Finance, in charge of Investment Promotion and Private Initiative, Mr. Moustapha Ben Barka is holder of an Executive MBA in Financial Services (Université de Quebec, Montréal), a Certificate from the Canadian Bankers’ Institute, a Graduate Certificate in Treasury (McGill University), a Bachelor’s Degree in Finance and International Trade (HEC Montréal) and a Certificate in Arts and Sciences (Université de Montréal).
He is taking over from Mr. Bassary Touré, former Vice-President, whose two terms at the head of the institution had expired last February. A general staff meeting was held this 2 March 2020 to warmly welcome and wish him great success in his new capacity, alongside the Bank’s President.
As a reminder, the Vice-President is appointed by the Board of Directors upon proposal by the highest authorities of Mali for a five-year term, renewable once.
For further information, please contact
Direction de la Communication, du Marketing, des Relations Publiques et du Savoir
Tel: +228 22 23 25 65
Fax: +228 22 23 24 38
Email: boadsiege@boad.org
Lomé, 25 March 2020. The Board of Directors of the West African Development Bank (BOAD) held its 116th ordinary meeting, under the chairmanship of Mr. Christian Adovelande, Chairman of the Board and President of BOAD. Due to restrictions related to the coronavirus (COVID-19) pandemic, the meeting was held by videoconference.
After approving the minutes of its 115th meeting held on 18 December 2019 in Dakar (Senegal), the Board reviewed and approved BOAD’s annual financial statements for the year ended 31 December 2019.
Based on a proposal by the President of BOAD, the members of the Board agreed to grant to each WAEMU member country a XOF15 billion loan to be made immediately available, and softened through the BOAD interest subsidy mechanism, recently replenished by BCEAO and the WAEMU Commission for XOF25 billion and XOF15 billion respectively, to support member countries in their fight against the COVID-19 pandemic.
The total amount of these soft loans stands at XOF120 billion for urgent measures to be taken in dealing with the Coronavirus health crisis. They further decided to suspend prompt notices for principal repayments by member countries involving XOF76.6 billion of debts due for the rest of the year, in support for their response to the pandemic. This represents a total support of XOF196.6 billion provided by BOAD in connection with COVID-19.
The Board also approved new operations for a total amount of XOF160.825 billion, including medium and long-term loans totaling XOF148,1 billion and a short-term loan of XOF10 billion. These operations brought BOAD’s total commitments (all operations combined) to XOF5817,8 billion to date.
Approved loans are meant for the partial funding of the following projects:
- Hydro-agricultural development of 1,300 ha as part of the second round of the Kandadji project’s resettlement action plan (PAR 2). The overall objective of the project is to contribute to: (i) poverty alleviation through the development of downstream farmlands that can be irrigated from the river Niger; (ii) regeneration of natural environment; and (iii) food security of the populations. Loan amount: XOF15 billion.
- Upgrading and asphalting of urban roads in the city of Ouagadougou (PAVO) in Burkina Faso. The specific objectives of this project are: i) to improve mobility on the roads concerned by reducing travel time by nearly 50%; ii) to reduce vehicle operating costs by about 40% after commissioning the roads; and iii) to reduce the number of traffic accidents by more than 50%. Loan amount: XOF20 billion.
- Upgrading of the Boulevard de Marseille in Abidjan (consolidation phase) in Côte d’Ivoire. The consolidation phase will consist of (i) reinforcing the carriageway structures to take into account the level of deterioration of the existing sub-traffic carriageway; (ii) improving the sewerage system; and (iii) increasing the density of the public lighting system. These works will help reduce the risks of premature deterioration of the road and flooding of its area of influence. Loan amount: XOF8.106 billion.
- Upgrading of the Sévaré-Mopti section of the trunk road No.6 (RN 6) and urban roads in the town of Mopti in the Republic of Mali. The overall objective of the project is to improve traffic flow on the road linking the town of Mopti to the locality of Sévaré and within the town of Mopti by providing modern infrastructure to improve the safety and living conditions of the citizens. Loan amount: XOF20 billion.
- Upgrading of the Démette-Cas Cas and Louga-Ouarack roads in the Republic of Senegal. The overall objective of the project is to contribute to the economic growth of Senegal by making accessible the production areas and increasing trade. Loan amount: XOF25 billion.
- Site development and construction of 791 social and low-cost housing units as part of the construction of 3,035 social and low-cost housing units at Ouédo in the municipality of Abomey-Calavi (Republic of Benin). The overall objective of the project is to contribute to improved living conditions and poverty reduction in the municipality of Abomey-Calavi. The specific objectives are to: (i) provide housing for approximately 6,000 people and (ii) promote new ways of accessing housing for middle-income populations. Loan amount: XOF20 billion.
- Rehabilitation and equipment of Korhogo and Bouaké airports in the Republic of Côte d’Ivoire. The overall objective of the project is to contribute to the economic growth of Côte d’Ivoire by opening up the country’s regional economic centres through (i) improved safety and security of aeronautical activities in upgrading facilities to aeronautical standards and providing high-performance navigational aid equipment and (ii) contributing to the opening-up and development of the Korhogo and Bouaké regions. Loan amount: XOF25 billion.
- Construction and operation of the “Tour Entente” by the Société de Gestion de la Tour Entente (SGTE) SA in Abidjan (Côte d’Ivoire). The project aims at generating additional revenues to finance community social projects of the “Conseil de l’Entente”, in particular. Loan amount: XOF15 billion.
- Granting of a short-term loan of XOF10 billion to NSIA Banque Côte d’Ivoire for the partial refinancing of the 2019-2020 cocoa season in Côte d’Ivoire.
- Rescheduling of the repayment terms of the loan granted for the partial funding of the solution production capacity upgrading project by PHARMIVOIRE NOUVELLE (PHN) SA in Abidjan (Côte d’Ivoire). Amount of the operation: XOF2.719 billion.
In addition, the Board of Directors approved the proposals for renewal of the Bank’s Audit Committee and Credit Committee membership.
In closing the proceedings, Chairman Christian Adovelande, on behalf of the Board of Directors, thanked all stakeholders, and particularly, BCEAO, for their mobilization and the technical resources made available to BOAD for holding this meeting under congenial conditions. He further reiterated the institution’s support to the affected populations as well as the entire scientific community which has been working hard to address the coronavirus pandemic.
For further information, please contact
Direction de la Communication, du Marketing, des Relations Publiques et du Savoir
Tel.: + 228 22 23 25 65 / WhatsApp: +228 99 99 32 15
Fax: + 228 22 23 24 38
Email: boadsiege@boad.org