4 min

The 125th BOAD Board of Directors authorizes new commitments totalling 60 billion FCFA.

September 21, 2021. The Board of Directors of the West African Development Bank (BOAD) met by videoconference for its 125th ordinary session, under the chairmanship of Mr Serge EKUE, Chairman of the Board of Directors, President of BOAD.

At the start of the meeting, the Board observed a minute’s silence in tribute to the late Charles Konan BANNY, former Prime Minister of Côte d’Ivoire, former Governor of BCEAO, and former member of the BOAD Board of Directors. The directors paid tribute to the memory of an expert in the world of finance, a zealous architect of regional integration in the UEMOA zone.

Work began with the approval of the minutes of the 124th meeting, held on June 25, 2021 by videoconference, and the closing of the Bank’s interim accounts at June 30, 2021. The directors also examined and approved five (05) financing proposals for a total amount of 60 billion FCFA. These new approvals bring to 348.7 billion FCFA the amount of commitments to date for the year 2021, and 6 592.7 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 :

  • Construction of a logistics platform at the Grand Nokoué agrifood hub in Abomey Calavi, Republic of Benin. With a surface area of 168 ha, the platform will improve the quality of service for the wholesale and export of agri-food products in Benin. The project will also help create at least 200 direct (temporary) jobs and 820 indirect and induced jobs. In addition, the completion of the preparatory and construction work will enable the transfer of wholesale activities from the Dantokpa market, and give the women of the Abomey-Calavi Commune an opportunity to improve their income by engaging in small-scale trading and catering activities in the vicinity of the site. Amount of the operation : 20 billion FCFA.
  • Development of the corniche as part of the asphalting of the urban road network in Tillabéri, Republic of Niger. The project involves upgrading and asphalting a 3km section of the Tillabéri corniche to 2×1 lanes, with two (02) shoulders of 1.5 meters each. There are also plans to build three (03) landing stages and three (03) merchant sheds for trade in the area. The project will help to boost the economy by improving the living environment and transport conditions in the city. Amount of the operation : 6.5 billion FCFA.
  • Extension and modernization of the Société Holding Togolaise des Communications Electroniques (TOGOCOM) SA network in Togo. The project concerns (i) construction of 430 new mobile network sites ; (ii) bringing 793 sites up to 4G standards; (iii) the deployment of 53 new 5G sites in  five (5) zones, on an experimental basis; (iv) the connection of 613 sites to fibre optics and (v) the extension of international access capacity from 60 Gpbs to 80 Gpbs. Its implementation will
    achieving coverage of 98% of the population and 90% of the Togolese territory by 2023.  Amount of the operation : 20 billion FCFA.
  • Implementation of a third refinancing line for Union des Caisses Mutuelles KAFO JIGINEW in Mali. This loan is part of the Bank’s efforts to help strengthen the stable resources of WAEMU’s National Financial Institutions (NFIs). It is intended for the acquisition of off-grid solar electrification equipment, particularly for households, micro and small businesses, schools and health centers.  Amount of the operation : 3.5 billion FCFA.
  • Renewal of a partial counter-guarantee of a short-term guarantee granted by Société Générale Côte d’Ivoire (SGCI) to Côte d’Ivoire Energies (CI-ENERGIES). Amount of the operation : 10 billion FCFA.

Lastly, the Board heard a progress report on the PENINSULA project, the Bank’s plan to double its equity capital. The planned capital increase of at least $1.3 billion is intended to give the BOAD the means to meet the growing needs of the Union’s populations, particularly in the transport infrastructure, energy, housing, agriculture, education and health sectors.

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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