4 min

136th BOAD Board of Directors authorizes new commitments of FCFA 182.32 billion

Abidjan, June 26, 2023. The Board of Directors of the West African Development Bank (BOAD) met in semi-presential mode for its 136th ordinary session, under the chairmanship of Mr Serge EKUE, Chairman of the Board of Directors, President of BOAD.

Having approved the minutes of the 135th meeting, held on May 8 in Lomé (Togo), the Board examined the state of recovery of receivables on BOAD loans as at May 31, 2023, and the concept note relating to the structuring of a Study Fund to finance feasibility studies for climate projects in WAEMU member countries. The meeting also took note of the mid-term review of financial forecasts for the 2023 financial year, the summary of the process evaluation of the Special Food Security Program (PSSA), and the execution report on the first operation of BOAD’s receivables securitization program.

Directors also approved 11 new operations for a total amount of FCFA 182.32 billion, bringing to FCFA 7 835.02 billion the total commitments (all operations combined) of the BOAD since the start of its operational activities in 1976.

The loans approved concern the partial financing of the following projects:

  • Establishment of refinancing lines for the Banque Nationale de Développement Agricole (BNDA) in Mali. The purpose of the project is to set up refinancing lines for BNDA to support Micro, Small and Medium-sized Enterprises (MSMEs) and develop off-grid solar electrification. Amount of the operation :  15 milliards FCFA
  • BOAD acquires a stake in the Fonds d’Accélération des Infrastructures (IAF).  The objectives of this equity investment include helping to reduce the infrastructure deficit and carbon emissions on the African continent, while having a positive impact on development in the communities and countries where the Fund operates. Amount of the operation :  6.12 billion FCFA
  • Développement des infrastructures agricoles et désenclavement de la basse et moyenne vallée de l’Ouémé (PDIAD – BMVO) in the Republic of Benin.  The aim of the project is to help improve the living conditions of target populations in the Ouémé valley. Amount of the operation :28 billion FCFA
  • Short-term loan to Ivory Cocoa Products (ICP) SA for partial financing of the 2023-2024 cocoa season in Côte d’Ivoire.  This assistance will finance the purchase and processing into semi-finished products of around 10, ,000 tonnes of cocoa beans. Amount of the operation : 10 billion FCFA
  • Short-term loan to Compagnie Malienne pour le Développement des Textiles (CMDT) SA, for partial financing of the 2022-2023 cotton harvest in Mali. This competition will contribute to the transformation of some 526 000 tonnes of seed cotton into lint (220 695 tonnes) for the 2022-2023 campaign.  Amount of the operation :  5 milliards FCFA
  • Support for the digitization of public finance management processes in Burkina Faso. The overall aim of the project is to dematerialize management procedures and administrative formalities, and guarantee good governance and transparency in public finance management. Amount of the operation :19 billion FCFA
  • Development of urban roads and construction of various networks in Arrondissement IV of the Diamniadio Urban Pole, in the Republic of Senegal. The project will relieve traffic congestion in Dakar and provide the population with a better living environment. The Diamniadio urban hub will include ministries, international organizations, health centers, schools and cultural centers. The program will make the locality habitable, accessible and attractive.  Amount of the operation :  30 milliards FCFA
  • Short-term loan to Société Nationale Burkinabè d’Hydrocarbures (SONABHY) for partial financing of its operating requirements for importing and marketing hydrocarbons in Burkina Faso. This assistance will help to reinforce SONABHY’s short-term resources in connection with the import of around 25, ,000 M3 of hydrocarbons. Amount of the operation :20 billion FCFA
  • Development of the Medical and Health Research Center and reinforcement of tertiary reference health infrastructures in Niamey, Niger. The aim of the project is to contribute to improving the health status of populations through expertise in health research and the provision of quality care. Amount of the operation :  20 milliards FCFA
  • Building and equipping school infrastructures in Niger. This competition will help to eliminate straw hut classrooms in Niger. It will also provide good learning conditions for some 55 200 disadvantaged pupils per year, and reduce wastage of school time in the establishments concerned. Amount of the operation :  20 milliards FCFA
  • Construction and operation of a 4-star luxury hotel under the “Golden Tulip AKWABA” banner in Biétry Abidjan, by Société de Patrimoine et de Gestion (SPG) AKWABA SA in Côte d’Ivoire. This project will strengthen the hotel offer in Côte d’Ivoire, with the installation of an additional 205 rooms in the 4- and 5-star category.  Amount of the operation :9.2 billion FCFA

In closing the proceedings, Chairman Serge EKUE thanked the Ivorian authorities, on behalf of the Board of Directors, for the resources made available to ensure that the session was held under the best possible conditions.

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