The 124th Board meeting of BOAD approves new loans totalling XOF102.549 billion

Irène ASSIONGBONNews, Uncategorized

25 May 2021. The Board of Directors of the West African Development Bank (BOAD) held its 124th ordinary meeting by videoconference, under the chairmanship of Mr. Serge Ekue, President and Chairman of the Board.

Following approval of the minutes of its 123rd meeting held on 26 May 2021 and the statement of recovery of BOAD loans as at 31 May 2021, the Board took note of the mid-term review of the 2021 financial outlook, the information note on the conclusions of the annual review of BOAD’s credit rating by international rating agencies and the 2021-2025 development outcome and impact measurement framework of the Bank.

The Board further examined and approved nine (9) loan proposals involving XOF102.549 billion. These new loan approvals bring BOAD’s total commitments (all operations combined) to XOF6,532.7 billion since commencement of its operations in 1976.

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

  • The Wassoulou integrated development project in Côte d’Ivoire (PDIW-CI) (phase 1). The project’s overall objective is to strengthen cross-border trade by contributing to food security and poverty alleviation in the intervention areas. Loan amount: XOF15.315 billion.
  • The Oti plain agricultural land development project (PATA-OTI): zone 4 (Sadori, Faré and Koukombou) and zone 5 (Nali and Koulifiékou) in the Republic of Togo. The project seeks to: i) facilitate producers’ access to modern production factors; ii) improve agricultural productivity; iii) create conditions for the emergence of a class of agricultural entrepreneurs. Loan amount: XOF10.734 billion.
  • Proposed asphalting of the Bieby-Bettié road section of the Yakasse Attobrou-Bettie road in Côte d’Ivoire. The project’s overall objective is to improve mobility on the Yakassé Attobrou-Bettié road section with a view to boosting economic exchange between the Mé and Indénié-Djuablin regions, on the one hand, and the other regions of the country and neighbouring Ghana, on the other. Loan amount: XOF17 billion.
  • Proposed support to the inclusive finance development fund in the Republic of Niger. The project’s overall objective is to enable populations excluded from the traditional banking system and economically vulnerable groups including women and youth to access diversified, innovative, quality and low-cost financial services. Loan amount: XOF10 billion.
  • Proposed reinforcement of the northern corridor in Côte d’Ivoire: construction of the second 225 kv Taabo-Kossou-Bouaké interconnection line and extension of the 2 substations of Taabo, Kossou and Bouaké in the Republic of Côte d’Ivoire. The project’s overall objective is to strengthen the transport network infrastructure in order to contribute to the economic transformation and improve the quality of life of the populations. Loan amount: XOF20 billion.
  • Power grid reinforcement project by Energie du Mali (EDM-SA) in the Republic of Mali. The project’s overall objective is to strengthen EDM-SA’s transmission and distribution grid in order to avoid overloads of the electrical works and improve the security of power supply in Mali.  Loan amount: XOF8.5 billion.
  • Solar power plant capacity extension from 30 to 50 MWp at Blitta in the Republic of Togo. This project will contribute to the diversification of the energy mix and the reduction of energy generation costs. Loan amount: XOF5 billion.
  • Construction and operation of a mall and a 5-star business hotel by Burkina Construction Company (BCC) SAS in Ouagadougou (Burkina Faso). The multi-purpose complex will include i) a modern mall with a surface area of 9,837 m2 under the “Prima Ouaga Mall” brand name, housing shops, a craft gallery, a hypermarket, a cinema and an auditorium, and ii) a five-star business hotel with 120 rooms. Loan amount: XOF6 billion.
  • Short-term loan proposal to Banque Nationale pour le Développement Économique (BNDE) for the partial refinancing of the 2020-2021 groundnut season in Senegal. The purpose is to strengthen BNDE’s short-term financial resources and enable it to adequately support the cashflow requirements of the targeted companies, which include COPEOL, IDEAL BUSINESS, IMPERIAL COMMODITIES, PATISEN and SONACOS. Loan amount: XOF10 billion.

Furthermore, the Board approved the adjustment of repayment conditions of the loan granted for the partial funding of the extension and diversification of the operations of Moulin Moderne du Mali (M3) as well as the Bank’s 2020 CSR annual report.

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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