The 123rd Board meeting of BOAD approves new loans totalling XOF95 billion
26 May 2021. The Board of Directors of the West African Development Bank (BOAD) held its 123rd 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 122nd meeting held on 17 March 2021, the Board examined and approved four (4) loan proposals involving XOF95 billion, a proposed adjustment of BOAD loan conditions as well as a short-term overdraft facility to the Bank. These new loan approvals bring BOAD’s total commitments (all operations combined) to XOF6,430.2 billion since commencement of its operations in 1976.
The approved loans relate to the partial funding of the following projects:
- Storm water drainage programme for secondary cities in the Republic of Benin: City of Parakou (PAPVS). The purpose of the overall programme is to build primary and secondary storm drains in secondary cities and to develop urban roads in the area of influence of the planned drains. This intervention from BOAD involves the construction of 12,041 linear meters of primary and secondary collectors and 1,882 linear meters of roads in the city of Parakou. The project’s overall objective is to strengthen the stormwater drainage network of the target cities so as to contribute to reduced vulnerability of the populations to flood risks and to build viable social and economic infrastructure. Loan amount: XOF20 billion.
- Construction and asphalting of the Kolinka-Fara-Poura Carrefour regional road No. 11 (RR11) in Burkina Faso. The project aims (i) to rehabilitate the regional road No. 11 (RR11), Kolinka (RN20 junction)-Niégo-Fara-Poura-Poura Carrefour (RN01 junction) section over 92 km long and 10.20 m wide in link section and 12.20 m wide in town-crossing; ii) to build a 2.5 km long and 10.20 m wide access ramp to the Fara Medical Center; and iii) to build 100 km of rural tracks.
The project’s overall objective is to contribute to strengthened economic integration of the Mouhoun belt, Centre-West and South-West regions. Loan amount: XOF30 billion.
- Diffa airport rehabilitation and extension project in the Republic of Niger. The project seeks to rehabilitate and extend the Diffa airport, including: i) the extension of the runway from 1,800 m to 3,000 m and its widening from 30 m to 45 m; ii) the construction of a 380 m long and 38 m wide taxiway and a 3.6 ha apron; iii) the construction of an air traffic control tower; iv) the construction of a terminal building and a VIP lounge; v) the construction of a fence wall; vi) the execution of ancillary works and miscellaneous fixtures; and vii) the supply and installation of various equipment. The project’s overall objective is to improve the quality of life of the Diffa urban population and boost economic and commercial activities, thereby contributing to poverty reduction in the project area. Loan amount: XOF25 billion.
- Creation and operation of an industrial and logistic park by Plateform Industrial Adétikopé PIA SAS in Togo.
The project involves the construction and operation of a 132-ha integrated industrial platform at Adétikopé. The project’s objective is to contribute to (i) improved added-value of the national agricultural and mining production by creating conditions for its industrial processing as well as (ii) increased logistic capacity for the country. Loan amount: XOF20 billion.
In addition to the above-mentioned loans, the Board further approved i) the proposed adjustment of BOAD loan conditions for the partial funding of a 4-star hotel construction project by Chain Hotel Abidjan (CHA) SA in Côte d’Ivoire and ii) the proposed granting of an overdraft facility by the Arab Bank for Economic Development in Africa (BADEA) to BOAD for funding short-term loans. Transaction amount: XOF27.16 billion ($ 50 Million)
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 provided for the organization of this meeting under congenial conditions.
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