The 121st Board meeting of BOAD approves new loans totalling XOF10 billion for Guinea-Bissau

Irène ASSIONGBONNews

Eu57iw5XUAEWS8323 February 2021. The Board of Directors of the West African Development Bank (BOAD) held its 121st ordinary meeting by videoconference, under the chairmanship of Mr. Serge Ekue, President and Chairman of the Board of Directors.

Following approval of the minutes of its 119th and 120th meetings held respectively on 24 November and 8 December 2020, the Board examined and approved two (2) loan proposals involving XOF10 billion, bringing BOAD’s total commitments (all operations combined) to XOF6,264.86 billion since commencement of its operations in 1976.

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

  • The first phase of the food production scaling-up support project in Guinea Bissau: the project seeks, among other things, to develop the potential of unexploited land, through development of strategic crops including rice, with a view to increasing the financial and economic standing of populations in the various target areas. Loan amount: XOF5 billion;

  • The Buba-Catio road planning and asphalting project in the Republic of Guinea Bissau: the project’s overall objective is to contribute to the opening-up of the southern region of Guinea Bissau and to foster economic and social exchanges at the national and sub-regional levels. Loan amount: XOF5 billion;

In addition, the Board took note of the status of resources mobilized by BOAD as at 31 January 2021 and commended the Bank on reporting on the sustainability bond issue, the first ever in Africa to be completed on the international capital market and which proved very successful with foreign investors.

In closing the proceedings, Chairman Serge Ekué, on behalf of the Board of Directors, thanked the Bank staff for their commitment and the technical support made available for the organization of this meeting under congenial conditions.

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