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The 141st Board meeting of BOAD approves new loans totalling XOF169.483 billion for the benefit of WAEMU economies

Dakar, 25th March 2024. The Board of Directors of the West African Development Bank (BOAD) held its 141st ordinary meeting under the chairmanship of Mr. Serge Ekue, Chairman of the Board and President of BOAD.

Following approval of the minutes of its 140th meeting held on 4th March 2024 by videoconference, the Board adopted the annual accounts for the year ended 31st December 2023, issued a favourable opinion on the 2023 annual report, the statement of recovery of BOAD loans as at 28th February 2024 and overall situation of recoveries as at 31st December 2023.

The Board further approved nine (9) new loans totalling XOF169.483 billion, bringing the Bank’s total commitments (all operations combined) to XOF8561.4 billion since commencement of its operations in 1976.

The approved loans relate to the partial funding of the following projects:


  • Refinancing facility to BGFI Bank Cote d’Ivoire (BGFI Bank CI). This involves a short-term facility intended to partially finance the 2023-2024 cocoa and cashew seasons in Côte d’Ivoire and a medium-term facility to support micro, small and medium-sized enterprises (MSMEs). The two operations totalling respectively XOF15 billion and XOF10 billion, are meant to strengthen the production and cashflow capacities of companies benefitting from the support of BGFI BanK CI. Loan amount: XOF25 billion.
  • Refinancing facility to African Lease Togo. The loan is meant to provide the institution with adequate resources to efficiently offer inclusive services tailored to the needs of micro, small and medium-sized enterprises. Loan amount: XOF5 billion.
  • Short-term loan to Manzima Holding SAS. The objective is to provide financial support to the main shareholder of the NSIA Group for acquiring the stake of Amethis Africa Finance Fund in the capital of NSIA Participations SA. Ultimately, the operation will, among other things, modify the organizational structure of the NSIA Group by creating two (2) sub-holdings responsible for banking activities and insurance activities respectively. Loan amount: XOF22.958 billion.
  • BOAD’s participation in the capital increase of the Caisse Régionale de Refinancement Hypothécaire de l’UEMOA (CRRH-UEMOA). This operation aims to increase the tier-one equity of CRRH-UEMOA in order to preserve its credit rating and continue to mobilize long-term competitive resources for its mortgage refinancing activities. Loan amount: XOF1.925 billion, with no share premium.
  • Construction and operation of a cashew nut processing industrial complex by Benin Cashew SA in the Glo Djigbé Industrial Zone (GDIZ) in Benin. This project, a clear testimony of the Beninese Government’s determination to promote local processing of raw cashew nuts, aims to add value to the sector. As such, five (5) industrial units for processing raw cashew nuts with an annual nominal capacity of 100,000 tonnes each, and one (1) industrial unit for extracting cashew nut shell oil with an annual capacity of 20,000 tonnes, will be constructed and put into operation. Loan amount: XOF10 billion.