The 131st Board meeting approves new loans totalling XOF73 billion
Abidjan, 14 June 2022. The Board of Directors of the West African Development Bank (BOAD) gathered in-person for its 131st ordinary meeting in Abidjan, Côte d’Ivoire under the chairmanship of Mr. Serge Ekue, Chairman of the Board and President of BOAD.
Following approval of the minutes of its 130th meeting held on 19 May 2022 and the statement of recovery of BOAD loans as at 31 May 2022, the Board took note of the mid-term review of the financial forecasts for the year 2022 as well as the cancellation of the LoC granted by the JSC Development Bank of Belarus to BOAD.
The Board further approved three (3) loan proposals involving XOF73 billion. These new loans bring BOAD’s total commitments (all operations combined) to XOF6,918.8 billion since commencement of its operations in 1976.
The approved loans relate to the partial funding of the following projects:
- Development and asphalting of the Aleheride-Kpaza-Tchamberi road in Togo. The project seeks to open up the area in order to facilitate economic, social and cultural exchanges at national and sub-regional levels. It will target reduction in travel time by 66% and vehicle operating costs by over 60%, as well as reduction in road insecurity. Loan amount: XOF28 billion
- Construction of a 42 MWp solar PV power plant at Awandjélo in the Kara area in Togo. The project’s overall objective is to contribute to the diversification of the energy mix and the reduction of energy generation costs, as well as to improved living conditions of the populations in the beneficiary municipalities. It will target increased installed capacity by 42 MWp by 2024, increased share of renewable energy in the energy mix from 27% in 2021 to 40% in 2024, and improved electrification rate from 59% in 2021 to 75% in 2025 in the country. Loan amount: XOF25 billion
- Establishment and operation of a brewery complex and a can manufacturing line by Coca-Cola Donga Bottling Company SA in the industrial estate of Sèmè-Podji in Benin. The purpose of project, from the peak year onwards, is to produce several thousands of hectoliters of fizzy drinks and mineral water and hundreds of millions of cans. Loan amount: XOF20 billion
In his closing remarks, Chairman Serge Ekue, on behalf of the Board of Directors, thanked the Ivorian authorities for the means deployed for the good organization of the meeting.
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