December 16, 2021. The Board of Directors of the West African Development Bank (WADB) met in hybrid mode, combining videoconferencing and the presence of certain directors in Lomé for its 127th ordinary session, under the chairmanship of Mr Serge EKUE, Chairman of the Board of Directors, President of the WADB.
After approving the minutes of its 126th meeting held on November 23, 2021, the Board reviewed and approved the Bank’s updated Financial Outlook 2022-2026 and draft Program Budget 2022-2024. The directors also examined and approved five (04) loan proposals for a total amount of 61.85 billion FCFA. These new approvals bring to 436.2 billion FCFA the amount of commitments to date for the year 2021, and 6,680.2 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 :
- Development of the Timbuktu rice-growing plains in the Republic of Mali. The aim of the project is to rehabilitate and extend 1 544 ha of irrigated perimeter, mainly involving rehabilitation of the irrigation network (secondary, tertiary, inland and drainage canals) and 11.5km of tracks. Also planned are capacity-building initiatives for farmers, support for agricultural equipment and materials, environmental protection initiatives and socio-economic infrastructure. Amount of the operation : 8 billion FCFA.
- Construction of dams and development of lowlands and irrigated perimeters in Ganzourgou Province, Burkina Faso. This involves the construction of five (05) dams and the development of 195 ha of irrigated perimeters and lowlands for rice and market garden production. This competition will contribute to strengthening food security and promoting sustainable development. In terms of development objectives, the project will help intensify and increase agricultural, pastoral and fisheries production, create jobs and combat poverty by generating additional wealth.
Amount of the operation
8.5 billion FCFA.
- Construction of the Dakar – Tivaouane – Saint Louis freeway: Mekhe – Saint Louis section in the Republic of Senegal. The aim of the competition is to build a 2×2 lane freeway with a central reservation (TPC) between Dakar and Saint-louis, passing through Tivaouane. It is justified by : (i) the need to relieve congestion on Route Nationale n°2 ; (ii) the project’s integration into the Emerging Senegal Plan (PSE), and (iii) contribution to regional integration. Amount of the operation : 30 billion FCFA.
- Construction of the Kourouba hydroelectric plant and its connection to the Energie du Mali (EDM-SA) power grid in the Republic of Mali. It consists of the construction of a 3.9 MW mini hydroelectric power station on the Kourouba weir, the construction of the associated 33 KV evacuation line and the electrification of the localities of Kourouba, Gouala and Tiakadougou Faraba. Amount of the operation : 15 billion FCFA.
The Board also approved the implementation of an additional KfW grant to BOAD for “Loans Adapted to Natural Disasters (PACAN)”. The PACAN project, the first of its kind in the region, will enable the Bank to respond, to a certain extent, to the problems linked to the management of natural disasters that its member states frequently face.
The Directors also issued a favorable opinion on BOAD’s loan receivables as at November 30, 2021. They also took note of the following files :
- Minutes of the 38th meeting of the BOAD Audit Committee ;
- Participatory rapid impact assessment of the Food Security Support Project in the Biombo, Gabu and Tombali regions of Guinea-Bissau (PASA) ;
- Information note on BOAD loan insurance: INDOUKAT Project implementation report.
In closing the proceedings, Chairman Serge EKUE, on behalf of the Board of Directors, thanked all stakeholders for the work accomplished during the year, and expressed his deep appreciation for the contributions, the quality of the debates and the convivial atmosphere that marked the Board meetings throughout 2021. He wished everyone all the best for 2022.
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