5 min

Serge EKUE: assessment and outlook after six months at the helm of BOAD

Lomé, March 31, 2021 – Mr Serge EKUE, President of the West African Development Bank, today held a virtual press conference to report on his achievements after the first six months at the helm of the institution. This was an opportunity for him to announce a volume of financing of around 3,300 billion CFA francs (5.03 billion euros) for the UEMOA states as part of the Djoliba 2021-2025 Plan.

This meeting with journalists from the African, European and international press was an opportunity for President Serge Ekue to review his achievements in a few figures, to discuss the development issues and challenges facing member states, and the bank’s commitments for the next five years.

Results for the first 6 months : 

FCFA 256.1 billion (€390 billion) invested in 24 projects

In six months, a major wave of projects and reforms for the institution has been launched, materialized by the implementation of the 2021-2025 strategic plan known as ” Djoliba ” .

From September 2020 to the end of March 2021, the Bank has granted Union economies a total volume of financing of 256.1 billion FCFA (390 million euros) for 24 projects in finance and insurance (38.2%), transport, energy and sanitation infrastructure (35.8%), health and education (12.1%), industry (7.8%) and agriculture and rural development (6.1%).

During this period, the Bank distinguished itself by carrying out the first ever sustainable development bond issue in Africa. An ambitious operation reflecting the institution’s new dynamic, it raised 750 million euros to finance projects with a strong social and environmental impact.

During these 6 months, the bank also played an active role alongside UEMOA member states in the response to the coronavirus pandemic. This strong commitment has resulted in the implementation of two programs worth a total of 300 billion FCFA (457 million euros), in the framework of various partnerships with the BCEAO, the UEMOA Commission and the AFD, decided upon as soon as the first impacts of the pandemic appeared in the first half of 2020. These funds have been mobilized to support the emergency plans of governments, as well as private-sector companies hard hit by the pandemic.

Lastly, these 180 days have enabled the Bank to continue its reflections on strengthening its capital base with a view to preserving its ” investment grade ” rating and increasing its capacity to mobilize resources on the international financial market.

” We plan to double the Bank’s capital through the structuring of a capital increase operation in which the member states and BCEAO will remain the reference shareholders, but with the possible entry into the capital of strategic partners rated AA or + ” said Serge EKUE, President of BOAD.

BOAD’s priority : meeting the development challenges of WAEMU countries

With a population of almost 130.8 million and a per capita income of US$ 970, the UEMOA countries fall into the category of “Countries with low human development”. The Bank’s priority challenges are therefore those relating to the improvement of essential services for human beings , notably access to drinking water and electricity, population growth, health and education, climate and the environment, and so on.

To meet this challenge, investments of around 19,000 billion FCFA (or 29 billion euros) will be needed each year to achieve the Sustainable Development Goals (as defined by the UN) by 2030.

The Bank’s ambition is therefore to intensify its support for its member states by offering tailored financing and financial advice.

Plan Djoliba, the framework for BOAD’s commitment over the next five years

Through its Djoliba 2021 – 2025 strategic plan, the Bank’s operations will focus on five priority sectors:agriculture and food security, renewable energies, basic infrastructure, health, education and social housing.

” The Bank is thus committed to providing a volume of financing of around CFAF 3,300 billion (€5.03 billion), at least ¼ of which will support private sector development. an increase of around 50% on the funding set up under the previous Plan “said Serge EKUE.

The Plan will have a significant and concrete impact on :

  • Access to drinking water with the construction of the necessary infrastructure (boreholes, water towers and distribution channels) to increase average drinking water production by 87,700 m3/day ;
  • The agricultural sector with the development of 12,170 hectares of land to enable the production of 170,300 tonnes of rice per year ;
  • Road infrastructurewiththe construction of 12, 700 km of roads to improve transport infrastructure and facilitate the movement of people and goods across the region ;
  • Access to energywitha contribution in terms of additional capacity of 380 MW, with a minimum share of 39% allocated to renewable energies ;
  • Climate and environmentwithfinancing that will help avoid 18 million tonnes of CO2 ;
  • Job creation to the tune of 244, ,000 jobs, including 16,700 in the overall economic fabric made up of MSMEs via lines of credit granted to banks and inclusive finance institutions ;
  • State tax revenues by contributing CFAF 3,710 billion to state GDP[1 ] and CFAF 580 billion to fiscal taxes through the Bank’s financial commitments.

About us

The West African Development Bank is the development financing institution of the member states of the West African Economic and Monetary Union (UEMOA). Founded in 1973, its shareholders to date include the eight UEMOA member states, their central bank (Banque Centrale des États de l’Afrique de l’Ouest-BCEAO), and several international institutions and non-regional states, including the African Development Bank (AfDB), the European Investment Bank (EIB), KFW, France, Belgium, China, India and Morocco. It is rated ‘Baa1’ with a stable outlook by Moody’s and ‘BBB’ with a stable outlook by Fitch. It is headquartered in Lomé, Togo. True to its vocation, the WADB plays a leading role in the economic and financial integration of the WAEMU countries.


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[1] [1] An annual contribution estimated at 0.8% of the WAEMU’s annual GDP.