4 min

The 122nd BOAD Board of Directors authorizes new commitments for a total amount of 81.106 billion FCFA.

March 17, 2021. The Board of Directors of the West African Development Bank (BOAD) met by videoconference for its 122nd ordinary session, under the chairmanship of Mr Serge EKUE, Chairman of the Board of Directors, President of BOAD.

After approving the minutes of the 121st meeting, held on February 21, 2021, the Board approved the BOAD accounts for the year ended December 31, 2020, which will be submitted for approval to the Council of Ministers of the West African Monetary Union (WAMU).

The directors examined and approved six (06) loan proposals for a total of 81.106 billion FCFA. These new approvals bring BOAD’s total commitments (all operations combined) since the start of operations in 1976 to 6 335.168 billion FCFA.

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

  • Development of the Mopti Ambodèdjo airport bypass and urban roads in the town of Sévaré in the Republic of Mali. The overall aim of the project is to help improve transport conditions in the town of Sévaré, by providing modern infrastructure to enhance the safety and quality of life of its citizens. Project value : 15 Milliards FCFA ;
  • Priority section of the project to upgrade the urban section of Route Nationale N°27 (Bamako-Koulikoro) in Bamako, Republic of Mali. The aim of the project is to help improve traffic conditions for users in the city of Bamako, particularly in communes I, II and III, where the project section is located. Amount of the operation : 15 Milliards FCFA ;
  • Construction of 1,528 classrooms to replace temporary shelters, and ancillary works (second phase of 1,018 classrooms) in the Republic of Senegal. The project aims to improve the quality and equity of education in Senegal. Amount of the operation: 21.106 billion FCFA ;
  • Establishment of a refinancing line for Coris Bank International Mali. The project aims to support micro, small and medium-sized enterprises in the UEMOA region by improving their access to financing via the commercial banking sector. Amount of the operation: 10   Milliards FCFA ;
  • Establishment of a refinancing line in favor of Bridge Bank Group Côte d’Ivoire (BBG CI), as part of the program to revive the activities of WAEMU companies affected by the Covid-19 health crisis. Amount of the operation : 10 Milliards FCFA ;
  • Establishment of a short-term line in favor of BGFIBank Côte d’Ivoire (BGFIBank CI) for the partial refinancing of loans granted for the 2020-2021 cashew campaign in Côte d’Ivoire. The operation is designed to strengthen the institution’s short-term financial resources, enabling it to support the cash requirements of several companies involved in this campaign. The line will contribute to the purchase of 80 400 tonnes of cashew nuts from producers in Côte d’Ivoire. Amount of the operation : 10    Milliards FCFA.

In addition, the Board approved the restructuring of the characteristics of loans on market terms granted to Guinea-Bissau for the partial financing of the following projects: i) Rehabilitation of urban roads in Bissau, phases 1 and 3; ii) upgrading and asphalting of the Buba-Catiò road, phases 2 and 3; and iii) electrical interconnection of the member states of the Organisation pour la Mise en Valeur du Fleuve Gambie (OMVG).

Board members issued a favorable opinion on the 2020 annual report, the state of collection of receivables on BOAD loans as at February 28, 2021 and the overall situation of collections as at December 31, 2020. They also examined the following files submitted for information :

  • Minutes of the 36th meeting of the BOAD Audit Committee ;
  • Report on the status of BOAD operations by country at December 31, 2020 ;
  • Performance evaluation report for the Nouvelle Cimenterie du Bénin (NOCIBE SA) cement plant project in Benin ;
  • Implementation report for the 2020 annual tranche of the BOAD 2020- 2022 Program Budget ;
  • Minutes of the first meeting of the BOAD CSR Committee ;
  • Compendium of recommendations and decisions taken at BOAD Board of Directors meetings held during 2020 ;
  • Minutes of the ordinary meeting of the WAMU Council of Ministers held on December 10, 2020.

In closing the proceedings, Chairman Serge EKUE, on behalf of the Board of Directors, thanked all the Bank’s teams for their mobilization and the technical resources deployed to ensure that the session was held under the best possible conditions.

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