4 min

137th BOAD Board of Directors: Directors authorize over CFAF 90 billion in new commitments and examine the granting of resources to the Bank.

Abidjan, September 20, 2023. The Board of Directors of the West African Development Bank (BOAD) met in hybrid mode for its 137th ordinary session, under the chairmanship of Mr Serge EKUE, Chairman of the Board of Directors and President of BOAD.

Having approved the minutes of the 136th meeting, held on June 26 in Abidjan (Côte d’Ivoire), the Board examined the interim financial statements to June 30, 2023, the status of BOAD’s loan receivables as at August 31, 2023, the concept note on the updating of procurement procedures by the Bank’s borrowers, and the proposal to update BOAD’s financial security policy, applicable to the prevention of the fight against terrorism.

The meeting took note of the minutes of the 44th meeting of the BOAD Audit Committee, the conclusions of the annual review of BOAD’s financial rating by international rating agencies, the report on the execution of a portfolio-type credit insurance policy at BOAD (INDOUKAT Project), and the situation of the resources mobilized by BOAD, as at July 31, 2023.

The Board approved the financing of five (05) new operations for a total amount of 91.313 billion FCFA, bringing to 7 916.3 billion FCFA 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:

  • Construction of a butane gas storage sphere and filling center in Abidjan by SCCI GAZ SA in Côte d’Ivoire. The 4,000-ton sphere will be installed at the Vridi site, boosting national storage capacity and improving access to butane gas for households in Côte d’Ivoire.  Amount of the operation : 9  milliards FCFA
  • Construction and operation of a 30 MWp photovoltaic solar power plant with a 15 MW/45MWh storage system in Niakhar, Senegal, by TERANGA NIAKHAR STORAGE. The project will help to better meet electricity demand and secure the country’s power supply. Amount of the operation :15 milliards FCFA
  • Construction of the Bouaké-Kanawolo freeway: Bouaké-Kobo section (69.5 km), Republic of Côte d’Ivoire. The infrastructure will support traffic growth along the corridor linking the Port Autonome d’Abidjan to hinterland countries, with a view to sustaining the growth of the national economy.  Amount of the operation : 30 billion FCFA
  • Loan proposal for the partial financing of the infrastructure and systems construction project for the Diamniadio – AIBD section (19 km) of the Regional Express Train (TER) in the Republic of Senegal. The aim is to improve the mobility of people and goods in the Dakar conurbation through the advantages offered by rail transport. Among other things, it will enable the daily movement of at least 180 000 inhabitants, while helping to reduce road congestion by at least 20%. Amount of the operation : 35  milliards FCFA
  • BOAD participates in the capital increase of Société de Promotion et de Participation pour la Coopération Economique (PROPARCO). This equity investment will strengthen PROPARCO’s financial structure.  Amount of the transaction : 2.313 billion FCFA

Lastly, the directors approved four (04) proposals to make resources available to support BOAD’s activities, namely :

  • Third line of credit from the China Development Bank (CDB) to BOAD. This resource is intended to finance projects in the fields of transport infrastructure and information and communications technologies, energy (with the exception of thermal power generation), agriculture and food security, as well as health and education. Amount of the operation : 150 million euros, or 98.393 billion FCFA.
  • Second Cassa Depositi e Prestiti (CDP) competition at BOAD. This assistance is intended to finance agricultural and agro-industrial projects in the public and private sectors, thereby contributing to food security in the WAEMU.  Amount of the operation : 100 million euros, or 65.596 billion FCFA.
  • Loan from First Abu Dhabi Bank (FAB) to BOAD. These resources are intended to finance the Bank’s projects in all sectors. Amount of the operation : 100 million euros, or 65.596 billion FCFA.
  •  Grant from the Agence Française de Développement to BOAD, to subsidize loans under the SONGTAABA rapid impact emergency program and set up the Fonds d’Etudes Climat (FEC). The competition is designed to support supply chains in the food, energy and agricultural sectors. secondly, to finance feasibility studies that will help mobilize resources for the implementation of labeled projects”. Climate “. Amount of the operation : 15 million euros or 9.839 billion FCFA.

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

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