In 2016, economic growth slowed down in many countries in sub-Saharan Africa. The 1.5% growth rate recorded in the region was one of the poorest performances in over a decade.
In spite of this poor performance across the continent and the global economic downturn, economies in the WAEMU region were resilient during the year. Economic activity in the region grew by 6.8% up from 6.6% in 2015, while inflation remained low at 0.3% as against 1% in 2015. This relatively robust performance in our region was clearly a result of our continued investment in infrastructure, the remarkable performance of the agricultural sector, gradual improvement in business climate and stability in our socio-political and security context.
For its part, BOAD supported economies of the Union by providing financial assistance totaling XOF500.6 billion. These funds went mainly into investment projects involving XOF433.8 billion granted as long-term loans, and XOF51.9 billion in the form of short-term loans. Approximately XOF12.8 billion of these funds went into strategic equity investments, while XOF36.2 billion were used in refinancing national financial institutions or the WAEMU regional fund for mortgage refinancing (CRRH-UEMOA).