The 125th Board of Directors of BOAD approves new loans totalling XOF60 billion

21 September 2020. The Board of Directors of the West African Development Bank (BOAD) held its 125th ordinary meeting by videoconference under the chairmanship of Mr. Serge Ekue, President of BOAD and Chairman of the Board of Directors.

At the beginning of the meeting, the Board observed one-minute silence in tribute to the late Charles Konan Banny, former Prime Minister of Côte d’Ivoire, former Governor of BCEAO, and former member of the Board of Directors of BOAD. The directors hailed the memory of an expert of the financial world, a selfless promoter of regional integration in the WAEMU region.

The proceedings started with the approval of the minutes of the 124th meeting held on 25 June 2021 by videoconference, and the closing of the Bank’s interim accounts as at 30 June 2021. The Board also examined and approved five (5) loan proposals involving a total amount of XOF60 billion. These new loans bring to XOF6,592.7 billion BOAD’s total commitments (all operations combined) since commencement of its operations in 1976.

Loans approved relate to the financial funding of the following projects:

  • Construction of a logistic platform in the Grand Nokoué agribusiness centre at Abomey-Calavi in the Republic of Benin. With an area of 168 ha, the platform will improve the quality of service of wholesale and export activities of agrifood products in Benin. The project implementation will also contribute to the creation of at least 200 direct jobs (temporary) and 820 indirect and induced jobs. In addition, the preparation and construction work will make it possible to transfer the wholesale activities of the Dantokpa market, and will give women in the Abomey-Calavi commune an opportunity to improve their income by carrying out small-scale trading and catering activities in the vicinity of the project site. Loan amount: XOF20 billion.
  • Development of the corniche as part of the asphalting of the urban road network at Tillabéri in the Republic of Niger. This involves the development and asphalting of a 3 km section of the Tillabéri corniche into a 2×1 carriageway lane with two (2) shoulders of 1.5 meters each. It is also planned to build three (3) disembarkation points and three (3) market sheds for trade in the area. The project will therefore contribute to boosting the economy through improved living conditions of the populations and the transportation conditions in the city. Loan amount: XOF6.5 billion.
  • Extension and upgrading of the telecommunication network of TOGOCOM SA in Togo. The project involves (i) the construction of 430 new mobile network sites; (ii) the upgrading of 793 sites to 4G standards; (iii) the deployment of 53 new 5G sites in five (5) areas, on a pilot basis; (iv) the connection of 613 sites to fiber-optic; and (v) the expansion of international access capacity from 60 Gpbs to 80 Gpbs. Its implementation will make it possible to cover 98% of the population and 90% of the Togolese territory by 2023. Loan amount: XOF20 billion
  • Granting of a third refinancing facility to the Union des Caisses Mutuelles KAFO JIGINEW in the Republic of Mali. This loan is part of the Bank’s efforts to contribute to the strengthening of the stable resources of WAEMU’s national financial institutions (NFIs). It is intended for the procurement of off-grid solar electrification equipment for households, micro and small-scaled enterprises, schools and health centers. Loan amount: XOF3.5 billion.
  • Renewal of the partial counter-guarantee of a short-term guarantee facility granted by Société Générale Côte d’Ivoire (SGCI) to Côte d’Ivoire Energies (CI-ENERGIES). Loan amount: XOF10 billion.

Lastly, the Board took note of a communication on the progress of the “Peninsula” project, referred to as the operation to double the Bank’s equity capital. The planned capital increase of at least $1.3 billion is aimed at providing BOAD with resources to meet the growing needs of the Union’s populations, particularly in the transport infrastructure, energy, housing, agriculture, education and health sectors.

In closing the session, Chairman Serge Ekué, on behalf of the Board of Directors, thanked the Bank teams for their time and effort and the technical support provided for the organization of this meeting under congenial conditions.


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