The 136th Board meeting of the West African Development Bank (BOAD) approves new loans totalling XOF182.32 billion

Irène ASSIONGBONNews, Uncategorized

Abidjan, 26 June 2023. The Board of Directors of the West African Development Bank (BOAD) held its 136th ordinary meeting in hybrid format, under the chairmanship of Mr. Serge Ekue, Chairman of the Board and President of BOAD.

Following approval of the minutes of its 135th meeting held on 8 May 2023 in Lomé, Togo, the Board examined the statement of recovery of BOAD loans as at 31 May 2023 and the concept note on the establishment of a study fund for funding climate project feasibility studies in the WAEMU member countries. The Board also took note of the mid-term review of the financial forecasts for 2023, the overview of the process evaluation of the Special Food Security Programme (SPFS), as well as the implementation report on the first operation of BOAD’s receivables securitization programme.

The Board further approved 11 new loans totalling XOF182.32 billion, bringing BOAD’s total commitments (all operations combined) to XOF7,835.02 billion, since commencement of its operations in 1976.

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

  • Proposed granting of refinancing facilities to Banque Nationale de Développement Agricole (BNDA) in Mali. The purpose of the project is to provide refinancing facilities to BNDA in an amount of XOF15 billion meant for: (i) supporting micro, small and medium-sized enterprises (SMEs) and (ii) developing off-grid solar electrification. Loan amount: XOF15 billion.
  • Proposed equity investment by BOAD in the share capital of the Infrastructure Acceleration Fund (IAF). The objectives of this equity investment are to contribute towards reduced infrastructure gap and carbon emissions on the African continent, while maintaining a positive impact on development in the communities and countries where the Fund operates. Loan amount: XOF6.12 billion.
  • Partial funding of the agricultural infrastructure development and opening-up of the lower and middle Ouémé valley (PDIAD- BMVO) in the Republic of Benin. The project’s overall objective is to contribute to improved living conditions of the target populations in the Ouémé valley. Loan amount: XOF28 billion
  • Proposed short-term facility to Ivory Cocoa Products (ICP) SA for the partial funding of the 2023-2024 cocoa season in Côte d’Ivoire.  This loan will be used to finance the purchase and processing into semi-finished products of some 10,000 tonnes of cocoa beans. Loan amount: XOF10 billion
  • Proposed short-term facility to Compagnie Malienne pour le Développement des Textiles (CMDT) SA, for the partial funding of the 2022-2023 cotton season in Mali. This loan will contribute towards the processing of around 526,000 tonnes of seed cotton into cotton fibre (220,695 tonnes) for the 2022-2023 season. Loan amount: XOF5 billion.
  • Partial funding of the support project for the digitization of public finance management processes in Burkina Faso. The project’s overall objective is to dematerialize management procedures and administrative formalities in a bid to ensure good governance and transparency in public finance management. Loan amount: XOF19 billion
  • Partial funding of the construction of urban roads and various utility networks in District IV of the Diamniadio urban area, in the Republic of Senegal. The project will help relieve congestion in the city of Dakar and provide the population with a better living environment. The Diamniadio urban centre will accommodate ministries, international organizations, health centres, schools and cultural centres. The programme will make the locality habitable, accessible and attractive.  Loan amount: XOF30 billion.
  • Proposed short-term facility to Société Nationale Burkinabè d’Hydrocarbures (SONABHY) for the partial funding of its operating needs for the import and marketing of hydrocarbons in Burkina Faso. The purpose of the operation is to strengthen the company’s short-term financial resources, so as to enable it to effectively meet the needs of its customers by importing some 250,000 m3 of hydrocarbons. Loan amount: XOF20 billion.
  • Partial funding of the medical and health research centre development project and the reinforcement of tertiary referral health facilities in Niamey, Niger. The overall project objective is to help improve people’s health through expertise in health research and the provision of quality care. Loan amount: XOF20 billion.
  • Building and equipping school infrastructure in Niger. This loan will contribute to the elimination of straw hut classrooms in Niger. It will also provide good learning conditions for some 55,200 underprivileged pupils a year, and reduce the amount of school time lost in the schools concerned. Loan amount: XOF20 billion
  • Loan proposal for the partial funding of the construction and operation of a 4-star hotel by SGP AKWABA under the “Golden Tulip” brand name at Abidjan in Côte d’Ivoire. The overall objective is to strengthen the hotel offer in Côte d’Ivoire by installing additional capacity of 205 rooms in the 4- and 5-star category. Loan amount: XOF9.2 billion.

In his closing remarks, Chairman Serge Ekue expressed, on behalf of the Board of Directors, his gratitude to the Ivorian authorities for their time and hospitality and the efforts deployed by the staff and technical team for hosting this meeting under congenial conditions.

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