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The 131st BOAD Board of Directors authorizes new commitments amounting to FCFA 73 billion.

Abidjan, June 14, 2022. The Board of Directors of the West African Development Bank (WADB) met in Abidjan, Côte d’Ivoire, for its 131st ordinary session, under the chairmanship of Mr Serge EKUE, Chairman of the Board of Directors, President of the WADB.

Having approved the minutes of the 130th meeting, held on May 19, 2022, and the status of the Bank’s loan receivables as at May 31, 2022, the Board took note of the mid-term achievements of the Bank’s financial forecasts for the 2022 financial year and the cancellation of the line of credit granted by the Development Bank of Belarus to BOAD.

The directors also approved three (03) new project financing proposals for a total of 73 billion FCFA. These new approvals bring BOAD’s total commitments (all operations combined) since the start of operations in 1976 to 6, ,918.8 billion FCFA.

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

  • Development and asphalting of the ALEHERIDE-KPAZA-TCHAMBERI section in the Togolese Republic. With a view to opening up the area and facilitating economic, social and cultural exchanges at national and sub-regional level, the project will focus on reducing road travel time by 66%, vehicle operating costs by at least 60% and road insecurity. Loan amount : 28 billion FCFA.
  •  Construction of a 42 MWp photovoltaic solar power plant at Awandjélo in the Kara region of Togo. The project will help diversify the energy mix, reduce energy production costs and improve living conditions for the local population. It will focus on increasing installed capacity by 42 MWp by 2024, increasing the share of renewable energies in the energy mix from 27% in 2021 to 40% in 2024, and improving the country’s electrification rate from 59% in 2021 to 75% in 2025. Loan amount : 25 billion FCFA.
  • COCA-COLA DONGA BOTTLING COMPANY SA to set up and operate a brewery complex and can production line in the Sèmè Podji industrial zone, Benin. The main aim of the project is to produce several thousand hectolitres of soft drinks and mineral water per year, starting in the cruising year. and  hundreds of  million cans. Loan amount : 20 billion FCFA.

In closing the proceedings, Chairman Serge EKUE thanked the Ivorian authorities on behalf of the Board of Directors for the resources made available to ensure that the session was held in the best possible conditions.

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