5 min

The 135th BOAD Board of Directors authorizes new commitments of FCFA 173.38 billion.

Lomé, May 8, 2023. The Board of Directors of the West African Development Bank (WADB) met in semi-presential mode for its 135th 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 134ème meeting, held on March 28 in Bissau (Guinea Bissau), the Board approved 12 new operations. for a total amount of 173.38 billion FCFA, bringing the total to 7 642.7 MFCFA, 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:

  • BOAD participates in the capital increase of Banque Régionale de Marchés (BRM) in Senegal. The objective is to increase BRM SA’s share capital in order to reconstitute its equity.  Amount of the operation : 14.983 billion FCFA.
  • Project 2 of the Programme de Renforcement de la Résilience à l’insécurité alimentaire et nutritionnelle au Sahel (P2-P2RS), in the Togolese Republic. Among other things, the project aims to strengthen agro-sylvo-pastoral productivity and production, as well as income from agro-pastoral value chains, on a sustainable and resilient basis. It will also help to strengthen the adaptive capacities of local populations through better management of climate risks.  Amount of the operation : 10 billion FCFA.
  • Projet d’Urgence d’Appui à la Sécurité Alimentaire (PU-ASA) in the Republic of Côte d’Ivoire. Among other things, the project will improve access to production factors and innovative high-yield technologies, support the processing and valorization of food products, strengthen fry production capacities and improve fish farmers’ access to quality feed. Amount of the operation : 13.4 billion FCFA.
  • Project for the construction and operation of a flour mill by Société Atlantic Moulin Bénin (AMB) SA, in the Zone Industrielle de Glo-Djigbé, Benin. The mill is expected to produce an average of 52, ,000 tonnes of wheat flour per year, promote local production to reduce wheat flour imports, and contribute to food security. Amount of the operation : 6 billion FCFA.
  • Loan proposal for partial financing of the second tranche of the project to upgrade and widen the urban section of Route Nationale N°27 (Bamako-Koulikoro) in Bamako, Republic of Mali. The overall objective is to improve traffic conditions for users (fluidity, comfort and safety) in the city of Bamako, and particularly in communes I, II and III, which are crossed by the project. Amount of the operation : 14.780 billion FCFA.
  • Construction of three (03) retention basins, collectors and roads as part of the Cotonou Rainwater Sanitation Program (PAPC), in the Republic of Benin. The project will strengthen Cotonou’s stormwater drainage network, helping to reduce the population’s vulnerability to flooding and promote the creation of sustainable socio-economic infrastructures.  Amount of the operation : 22 billion FCFA.
  • Reinforcement of the Korhogo-Boundiali road, Republic of Côte d’Ivoire. The work will support national economic recovery, by facilitating trade between the various localities in its direct intervention zone. Amount of the operation : 26.5 billion FCFA.
  • Development and asphalting of the Niamey exit road to Dosso and of the northern and southern bypasses of the city of Niamey, in the Republic of Niger. The project will help to improve urban mobility in the city of Niamey, with a view to boosting economic exchanges between the various localities crossed by the sections to be upgraded.  Amount of the operation : 30 billion FCFA.
  • Establishment and operation of a solid waste processing plant by Compagnie Béninoise de Production Polypropylène (CBPP) in Ahozon, Republic of Benin. The aim of the project is to contribute to Benin’s economic growth through the development of a solid waste recovery sector. Among other things, it will enhance the contribution of the circular economy to national wealth creation. Amount of the operation : 5 billion FCFA.
  • Construction of a 20 MW photovoltaic solar power plant by Société Nationale d’Electricité du Burkina (SONABEL) in Koudougou, Burkina Faso. This plant will help to better cover demand and secure the country’s electricity supply. Amount of the operation : 14.58 billion FCFA.
  • Approvisionnement en Eau Potable dans les Localités Fragiles (PAEP-LF), in Burkina Faso. The project will help increase the production and storage of drinking water in security-challenged areas and areas with difficult hydrogeology. It will also serve an additional population of around 174 000 in 2025, and 201 000 by 2030.  Amount of the operation : 11 billion FCFA.
  • Construction of a commercial complex by Société AFRIQUE DEVELOPPEMENT (Société AD) SA in Lomé, Togo. The project will contribute to making Togo a first-class business center by setting up a commercial platform of international standing. Amount of the operation : 5.137 billion FCFA.

In addition, a loan from Sumitomo Mitsui Banking Corporation (SMBC) was granted to BOAD. This loan will be used to finance the Bank’s operations, enabling it to continue supporting economic activity in the WAEMU. Amount of the operation : 100 million euros.

In closing the proceedings, Chairman Serge EKUE thanked, on behalf of the Board of Directors,  all the directors for their availability and for the resources deployed to ensure that this session was held under the best possible conditions.

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