4 min

The 124th BOAD Board of Directors authorizes new commitments for a total amount of 102.549 billion FCFA.

June 25, 2021. The Board of Directors of the West African Development Bank (BOAD) met by videoconference for its 124th ordinary session, under the chairmanship of Mr Serge EKUE, Chairman of the Board of Directors, President of BOAD.

Having approved the minutes of the 123rd meeting, held on May 26, 2021, and the recovery status of the Bank’s loan receivables as at May 31, 2021, the Board took note of the mid-term review of the financial forecasts for the 2021 financial year, the information note on the conclusions of the annual review of the BOAD’s financial rating by international rating agencies, and the Bank’s 2021-2025 development results and impact measurement framework.

The directors also examined and approved nine (09) financing proposals for a total amount of 102.549 billion FCFA. These new approvals bring BOAD’s total commitments (all operations combined) since the start of operations in 1976 to 6, ,532 .7 billion FCFA.

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

  • Développement Intégré du Wassoulou en République de Côte d’Ivoire (PDIW-CI) Phase 1. The overall aim of the project is to strengthen cross-border trade, contributing to food security and poverty reduction in the areas concerned. 
    Amount of the operation
     15.315 billion FCFA.
  • Aménagement des Terres Agricoles de la plaine de l’Oti (PATA-OTI): Zone 4 (Sadori, Fare and Koukombou) and Zone 5 (Nali and Koulifiekou) in the Republic of Togo. The project aims to : i) facilitate producers’ access to modern production factors ; ii) improve agricultural productivity ; iii) create the conditions for the emergence of a class of agricultural entrepreneurs.
    Amount of the operation
     10.734 billion FCFA.
  • Asphalting of the Biéby – Bettié section of the Yakassé Attobrou – Bettié stretch, in the Republic of Côte d’Ivoire. The overall aim of the project is to improve mobility on the Yakassé Attobrou – Biéby – Bettié section, with a view to boosting economic exchanges between the Mé and Indiéné-Djuablin regions, on the one hand, and other regions of the country and neighboring Ghana, on the other.
    Amount of the operation
     17.0 billion FCFA.
  • Support for the Inclusive Finance Development Fund in the Republic of Niger. This financing will enable populations excluded from the traditional banking system and those who are economically vulnerable, particularly women and young people, to access diversified, innovative, quality financial services at lower cost.
    Amount of the operation
    10.0 billion FCFA.
  • Strengthening the northern corridor of Côte d’Ivoire: construction of the second 225 kV Taabo-Kossou-Bouaké interconnectionline and extension of the Taabo, Kossou and Bouaké 2 substations in the Republic of Côte d’Ivoire. The project will reinforce the transport network infrastructure to help transform the economy and improve the quality of life of the population.
    Amount of the operation
    20.0 billion FCFA.
  • Reinforcement of the Société Energie du Mali (EDM-SA) electricity network in the Republic of Mali. The overall objective is to reinforce EDM-SA’s transmission and distribution network to prevent overloading of electrical facilities and improve the security of electricity supply in Mali.
    Amount of the operation
    8.5 billion FCFA.
  • Expansion of the solar photovoltaic power plant in Blitta, Togo, from 30 to 50 MWC. This extension will help diversify the energy mix and reduce energy production costs.
    Amount of the operation
    5.0 billion FCFA.
  • Construction and operation of a 5-star luxury business hotel and mall by Burkina Construction Company (BCC) SAS in Ouagadougou, Burkina Faso. The multifunctional complex will include i) a modern 9 837m2 mall under the ” Prima Ouaga Mall ” banner, with stores, a craft gallery, a hypermarket, a cinema and an events hall, and ii) a five-star business hotel with 120 rooms.
    Amount of the operation
    6.0 billion FCFA.
  • Short-term loan to Banque Nationale pour le Développement Economique (BNDE) for partial refinancing of the 2020-2021 peanut harvest in Senegal. The aim of the operation is to strengthen BNDE’s short-term financial resources to enable it to adequately support the cash flow needs of targeted companies, notably COPEOL, IDEAL BUSINESS, IMPERIAL COMMODITIES, PATISEN and SONACOS.
    Amount of the operation
    10 billion FCFA.

In addition, the Board approved the rescheduling of the repayment terms of the loan for the partial financing of the Moulin Moderne du Mali (M3) business expansion and diversification project, as well as the Bank’s CSR annual report for 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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