The 122nd Board meeting approves new loans totalling XOF81.106 billion

17 March 2021. The Board of Directors of the West African Development Bank (BOAD) held its 122nd 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 121st meeting held on 21 February 2021, the Board endorsed the annual accounts closed as at 31 December 2020, to be submitted to the Council of Ministers of the West African Monetary Union (WAMU) for approval.

The Board further examined and approved six (6) loan proposals involving XOF81.106 billion, bringing BOAD’s total commitments (all operations combined) to XOF6,335.168 billion since commencement of its operations in 1976.

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

  • The Mopti-Ambodedjo airport bypass and urban road rehabilitation project in the city of Sévaré in the Republic of Mali. The project’s overall objective is to contribute towards improved transport conditions in the city of Sévaré through the development of modern infrastructure to improve citizens’ safety and quality of life. Loan amount: XOF15 billion;
  • Priority phase of the proposed rehabilitation of the urban section of trunk road n°27 (Bamako-Koulikoro) in Bamako in the Republic of Mali. The purpose of the project is to contribute toward improved traffic conditions (fluidity, comfort and safety) in the city of Bamako, and particularly, in its communes I, II and III where the project section is located. Loan amount: XOF15 billion;
  • The second phase of the construction project of 1,528 classrooms in substitution of temporary shelters and ancillary works in the Republic of Senegal. The project’s overall objective is to contribute toward improved quality and equity in education in Senegal. Loan amount: XOF21.106 billion;
  • Refinancing facility to Coris Bank International-Mali. The project aims to support micro, small and medium-sized enterprises (MSMEs) in the WAEMU region by improving their access to funding through the commercial banking system. Amount of the facility: XOF10 billion;
  • Refinancing facility to Bridge Bank Group Côte d’Ivoire (BBG CI) as part of the WAEMU corporate recovery package following the COVID-19 health crisis. Loan amount: XOF10 billion;
  • Short-term facility to BGFIBank Côte d’Ivoire (BGFIBank CI) for the partial refinancing of loans granted as part of the 2020-2021 cashew season in Côte d’Ivoire. The objective of the operation is to strengthen the institution’s short-term financial resources, so as to enable it to adequately support the cashflow needs of several companies, involved in the process. The refinancing facility will notably contribute to the purchase of about 80,400 tons of cashew nuts from producers in Côte d’Ivoire. Loan amount: XOF10 billion.

Furthermore, the Board approved the proposed amendment to the terms and conditions of loans granted at market conditions to Guinea Bissau for the partial funding of the following projects: (i) rehabilitation of urban roads in Bissau, phases 1 and 3; (ii) second phase of the Buba-Catio road planning and asphalting project and (iii) power interconnection of member countries of the Gambia River Basin Development Organization (OMVG).

The Board members expressed a favourable opinion to the 2020 annual report, the statement of recovery of BOAD loans as at 28 February 2021 and overall situation of recoveries as at 31 December 2020. Besides, they took note of the following items, submitted for information:

  • Minutes of the 36th meeting of BOAD Audit Committee;
  • Status of BOAD’s operations per country as of 31 December 2020;
  • Performance assessment report on the proposed setting-up of a cement plant by Nouvelle Cimenterie du Bénin (NOCIBE SA) in Benin;
  • Implementation report on the 2020 annual tranche of BOAD’s 2020-2022 programme-budget;
  • Minutes of the first meeting of BOAD CSR Committee;
  • Compendium of recommendations and decisions made during Board meetings held in 2020;
  • Minutes of the ordinary meeting of the WAMU Council of Ministers held on 10 December 2020 by videoconference.

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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