Lomé, 18 December 2025. The Board of Directors of the West African Development Bank (BOAD) held its 149th ordinary meeting in a hybrid format, under the chairmanship of Mr. Serge Ekue, Chairman of the Board and President of BOAD.
Following approval of the minutes of the 148th Board meeting held in a hybrid format on 9 October 2025 in Lomé, the Board issued a favorable opinion on the statement of recovery of the institution’s loans as at 30 November 2025 and reviewed the Bank’s 2026-2030 financial outlook update as well as the 2026-2028 draft program budget.
The Board thereafter approved:
- The rescheduling of BOAD loan conditions for the partial funding of the construction and operation of a brewery complex and a can manufacturing unit by Coca Cola Donga Bottling Company SA in the Sémé-Podji Industrial Estate in Benin.
- The rescheduling of BOAD loan conditions for the partial funding of the construction of a hotel complex in Saly and an office building in Dakar by SIPRES SA in Senegal.
- The reallocation of resources under the emergency program to building resilience in the Savannah Region (PURS) in Togo.
The Board further approved six (6) new loans totalling XOF75 billion, bringing the Bank’s total commitments to XOF9,916.6 billion (all operations combined) since commencement of its operations in 1976.
The approved loans were meant for the funding of the following projects:
- The construction and operation of an agro-industrial complex for processing raw cashew nuts in Guinea-Bissau. This complex, with a nominal capacity of 30,000 tons per year, expandable to 50,000 tons, will enable a local processing rate of 50% to be achieved by 2030, with a view to increasing the added value of the cashew sector and the incomes of those involved in the sector, particularly producers. Loan amount: XOF10 billion (including XOF600 million for BOAD’s equity interest and XOF250 million for prefinancing the Guinea-Bissau government’s equity interest in the company).
- Rehabilitation and asphalting of the Orodara-Mali border trunk road section (130 km) in Burkina Faso. The project’s overall objective is to improve traffic conditions for road users in the Kénédougou province, including the seven (7) beneficiary municipalities—Bobo-Dioulasso, Karangasso-Sambla, Kourinion, Orodara, Samogohiri, Kangala, and Koloko. Loan amount: XOF20 billion.
- Construction and operation of a robotic assembly plant for computer and electronic equipments by SYRRIUS INDUSTRIES SA in the Glo-Djigbé Industrial Estate, Republic of Benin. This infrastructure will support Benin’s industrialization by enabling the local assembly of electronic and IT devices, including computers, tablets, phones, and other equipment (decoders and drones), while adhering to international quality standards and ensuring competitive pricing. Loan amount: XOF5 billion.
- Renewal of the partial counter-guarantee to back the guarantee issued by Société Générale Côte d’Ivoire (SGCI) in favor of AZITO Énergie SA on behalf of CI-ENERGIES. This transaction will enable the State of Côte d’Ivoire to meet its financial obligations under the concession agreement signed with AZITO Energies SA. Loan amount: XOF10 billion.
- Construction and equipment of six (6) agricultural and agri-food vocational high schools (LPAA) in the Republic of Senegal: phase 1. These facilities will help strengthen the national supply of technical and vocational education and training in the agriculture and agri-food sectors by developing skills aligned with labor market needs, thereby contributing to enhanced employability and productivity in these sectors. Loan amount: XOF20 billion.
- Additional equity investment by BOAD in the CAURIS IV fund. Through this operation, the Bank will contribute to investment in small and medium-sized enterprises and industries (SMEs/SMIs) seeking capital and expertise, with a view to leveraging growth opportunities across the WAEMU region or expanding into targeted regions, including ECOWAS member countries excluding Nigeria and Francophone Central Africa, thereby promoting job creation and wealth generation. Loan amount: XOF10 billion.
Finally, the Board took note of the following items, recorded for information:
- Minutes of the 52nd meeting of the Audit Committee
- Project to intensify agricultural production to enhance food security in the Tahoua and Tillabéry regions (PIPA/SA), Republic of Niger: ex-post impact assessment incorporating satellite imagery analysis.
- Assessment of the progress made in achieving development outcomes and impacts of the country portfolio of projects financed by BOAD in Benin from 2009 to 2024.
- Hybridization project for multifunctional platforms in Togo funded by BOAD and the Global Environment Facility (GEF): Ex-post assessment of CO₂ and fine particle emission reductions across fourteen (14) multifunctional platforms.
- Allocation of the ordinary annual contribution paid by member countries for FY2024.
In his closing remarks, Chairman Serge Ekue expressed his gratitude to the Togolese authorities for the facilities and assistance provided and further thanked the technical team and staff for their efforts in organizing this meeting under congenial conditions.
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