3 min

The BOAD Board of Directors met in hybrid mode and authorized new commitments for a total of 63.735 MFCFA.

March 16, 2022. The Board of Directors of the West African Development Bank (BOAD) met in hybrid mode for its 129th ordinary session, under the chairmanship of Mr Serge EKUE, Chairman of the Board of Directors, President of BOAD.

After examining and approving the Bank’s accounts for the year ending December 31, 2021, the Board of Directors approved five (05) project financing proposals for a total of FCFA 63.735 billion. These new approvals bring to FCFA 6,747.3 billion 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 :

  • Hydro-agricultural development with intelligent agricultural practices resilient to climate change (PAHA-AIC), in the Republic of Niger. The aim of the project is to ensure sustainable food security by strengthening people’s resilience to climate change, through modern irrigation and agricultural production techniques. Amount of the operation : 7 billion FCFA.
  • Improvement of Bissau-Dakar road corridors: upgrading and asphalting of the Farim – Dungal – Senegal border road and construction of the Farim bridge, in the Republic of Guinea-Bissau. The project will help to create conditions conducive to regional integration and to improving the living environment of populations in the defined area. Amount of the operation : 10 billion FCFA.
  • Development and asphalting of the Hamdara – Wacha – Dungass – Nigeria border road, in the Republic of Niger. This work will open up the area, facilitating economic, social and cultural exchanges at national and sub-regional level. Amount of the operation : 21.735 billion FCFA.
  • Sanitation program in ten (10) towns in the Republic of Senegal. The role of the program will be to significantly improve the living conditions and health of populations by promoting sustainable access to public sanitation services. Amount of the operation : 15 billion FCFA.
  • Establishment of a short-term line of credit in favor of Banque Nationale pour le Développement Economique (BNDE) for the partial refinancing of the 2021-2022 groundnut harvest in Senegal. The 10 billion FCFA operation will finance the purchase of several thousand tonnes of groundnuts from producers in the Senegalese groundnut basin.

Board members then issued a favorable opinion on BOAD’s 2021 annual report, the state of recovery of BOAD loan receivables as at February 28, 2022, the overall situation of recoveries as at December 31, 2021, and the update of BOAD’s General Policy Statement (DPG).

Finally, the directors reviewed the following files, submitted for information:

  • Report on the status of BOAD operations by country as at December 31, 2021 ;
  • Assessment of the implementation of the Djoliba 2021-2025 plan at the end of the1st year ;
  • Status of implementation of BOAD’s Information System Master Plan for 2021 ;
  • Situation regarding the use of resources mobilized by BOAD as at January 31, 2022 ;
  • Information note on the grant and loan provided by the Green Climate Fund (GCF) to finance the Hydro-Agricultural Development Project with Climate-Resilient Smart Agriculture Practices in Niger (AHA Niger).

In closing the proceedings, Chairman Serge EKUE, on behalf of the Board of Directors, thanked the Togolese authorities and all the Bank’s teams for the resources deployed to ensure that this session was held under the best possible conditions.

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