The 133rd Board meeting of BOAD approves new loans totalling XOF109.5 billion

Niamey, 2 December 2022. The Board of Directors of the West African Development Bank (BOAD) gathered in-person for its 133rd ordinary meeting, under the chairmanship of Mr. Serge Ekue, Chairman of the Board and President of BOAD.

Following approval of the minutes of its 132nd meeting held on 20 September 2022 in Cotonou, Benin, the Board approved the Bank’s 2023-2027 financial outlook update and 2023-2025 draft programme-budget.

Seven operations were further considered by the Board of Directors: two (2) project proposals funded under the Songtaaba[1] programme (XOF36 billion), three (3) new project proposals for a total amount of XOF45 billion, two (2) refinancing facilities (XOF28.5 billion). These new loans bring BOAD’s total commitments (all operations combined) to XOF7,182.1 billion, since commencement of its operations in 1976.

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

Under the Songtaaba Special Programme for 2022-2024:

  • The emergency food security stock replenishment project for FY2023 in the Republic of Mali. The project will help address the demand for food of the Malian communities; build capacities to prevent shocks and crises; improve accessibility to food, especially for vulnerable communities and reduce domestic grain market disruptions. Loan amount: XOF25 billion
  • The rural drinking water supply project in the Dosso, Maradi, Tahoua and Tillabéri areas in Niger. The purpose of the project is the construction of forty-five (45) drinking water supply systems for 92 localities. The project also involves the construction of 334 institutional latrine units in schools and health centres. Loan amount:  XOF11 billion

As regards the regular funding programme:

  • The urban road construction project in the city of Niamey: construction of the urban section of RN25 trunk road and rehabilitation of the Niamey-Nyala road section in the Republic of Niger. The project will make it possible to improve mobility on the relevant sections by reducing travel time from 1 hour to 30 minutes; to reduce the number of road accidents by over 60%; and to reduce vehicle operating costs by about 40% from the first year of commissioning of the road. Loan amount: XOF25 billion.
  • The Ouedo site servicing project, as part of the construction of 10,849 low-cost and affordable housing units in the municipality of Abomey-Calavi in Benin. The servicing works will ensure a quality power supply by increasing the power grid capacity on the entire project site and building a water treatment plant and a 500 m³ water tower. Loan amount: XOF10 billion.
  • Loan proposal to the Government of Niger, as part of stimulating ASUSU SA’s activities in the Republic of Niger. The project will help maintain access to a range of innovative financial services for economically vulnerable communities, including women and youth, excluded from the traditional banking system. Loan amount: XOF10 billion.
  • Proposed granting to NSIA Banque Benin SA of (i) a refinancing facility as part of the WAEMU business recovery programme in the aftermath of Covid-19 health crisis, and (ii) a subordinated loan. Loan amount: XOF18.5 billion.
  • Proposed granting of a refinancing facility to Vista Bank Burkina Faso. This facility will enable Vista Bank Burkina to increase its medium-term financing of productive investment projects for SMEs; consolidate its growth and contribute to the growth of the domestic economy. Loan amount: XOF10 billion.

As regards the resources mobilized for BOAD:

The Board of Directors further approved the granting of a €50 million (XOF32.798 billion) line of credit from the OPEC Fund and a €16.2 million (XOF10.626 billion) grant from KfW, both to BOAD. These facilities are meant for funding respectively small and medium-sized enterprises (SMEs) and renewable energy projects, and the establishment of the Digital Transformation Fund (FTD) in West Africa.

In addition, the Board examined the environmental and social safeguard framework as well as the gender equity and equality policy.

Furthermore, the Board issued a favourable opinion on the Bank’s gender strategy and reviewed the following items submitted for information:

  • Report of the 43rd Audit Committee meeting held from 30 November to 1st December 2022 in Niamey.
  • Ex-post evaluation of the proposed reinforcement of the drinking water supply system in the township of Tafiré and surrounding localities in Côte d’Ivoire.

After receiving from Board members the season’s greetings for 2023 and being commended for the successful organization of Board meetings and the current momentum in the institution under his leadership, Chairman Serge Ekue conveyed on behalf of the Board, his thanks to the Nigerien authorities for the efforts made to host the meeting under congenial conditions.

He further expressed his gratitude to Board members for the quality of discussions and the relevance of their guidance. At last, he commended and took great pride in BOAD teams for the quality of the proposals submitted to the Board for consideration and approval throughout the year.

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[1] Songtaaba in Moré means “mutual aid in a difficult situation”. The emergency quick impact programme (Songtaaba Programme for 2022-2024), involving XOF200 billion, approved by the Board of Directors at its 132nd meeting held in Cotonou on 20 September 2022, is intended to help improve the living conditions of the communities in the WAEMU region and strengthen the region’s resilience in the face of current shocks. In particular, it will make it possible to: 1) contribute to the implementation of the national response plans to the crises and the G5 Sahel emergency development programme, 2) rapidly make resources available, in one or more instalments, in order to respond to the emergency related to food, reschooling and basic health needs, in connection with the rise in commodity prices and insecurity.