The Board of Directors approved new commitments amounting to XOF106 billion

Logo BOADAbidjan, 27 September 2017. The Board of Directors of the West African Development Bank (BOAD) held its 106th ordinary meeting at the premises of the Central Bank of West African States (BCEAO) in Abidjan (Côte d’Ivoire) under the chairmanship of Mr. Christian Adovelande, President of BOAD, and Chairman of the Board of Directors.

Having approved the minutes of its 105th meeting held on 27 June 2017 in Dakar (Senegal), the Board approved the interim financial statements as at 30 June 2017, then the guidelines for the updating of the 2017-2021 financial outlook and the preparation of the 2018-2020 programme budget.

It also approved three medium and long-term loans totalling XOF75 billion, two short-term guarantee and counter-guarantee operations involving XOF30 billion and one equity investment proposal in an amount of XOF825 million.

These operations further brought the total amount of loans extended (to all sectors included) by BOAD to XOF4929.1 billion.

Approved loans were meant for the partial funding of the following projects:

  • Construction of a 20 MW solar photovoltaic plant at Bissau and two mini solar photovoltaic plants of 1 MW at Gabu and Canchungo (Guinea-Bissau). The implementation of this project will provide 500,000 people with access to energy, reduce greenhouse gas by 24,100 tons and alleviate housework through the installation of mills and multi-purpose platforms and better safe water supply. Loan amount: XOF25 billion.
  • Priority phase of the 2017-2019 road maintenance programme (Burkina Faso). This phase covers periodic maintenance and new asphalt concrete surfacing on the Ouagadougou-Kongoussi road (108 km) and the Sakoinsé-Koudougou road (42 km); the construction of urban thoroughfares at Ouagadougou and Bobo-Dioulasso (27.1 km). Loan amount: XOF30 billion FCFA .
  • Construction of 1,350 classrooms to replace temporary shelters and related structures (Senegal). This is the first part of a programme meant for the construction of 1,850 classrooms. Implemented in 14 regions in Senegal, the project aims to provide 81,000 underprivileged children with adequate learning conditions and reduce school dropout rate by 50% in schools covered by the project. Loan amount: XOF20 billion.
  • Equity investment by BOAD in the share capital of Banque de l’Habitat du Niger (BHN). With a share capital of XOF10 billion, the purpose of this bank is to support the implementation of social, economic and high-standard housing projects. Amount: XOF825 million.
  • Guarantee for a short-term credit facility granted by Société Générale de Banques in Côte d’Ivoire to Compagnie Ivoirienne d’Electricité (CIE). The operation involves the funding of gas supply to power sector and payment of energy bills from independent power producers and gas suppliers. Amount: XOF25 billion.
  • Counter-guarantee as part of a short-term credit facility granted by Société Générale de Banques in Côte d’Ivoire to Société des Energies de Côte d’Ivoire (CI-ENERGIES). This involves the issuance of a standalone guarantee by SGBCI to AZITO ENERGIE SA. Amount: XOF5 billion.

Members of the Board expressed a positive opinion on the statement of recovery of BOAD loans as at 31 August 2017 and the proposal for the updating of the rules governing BOAD’s intervention limits:

Moreover, they took note of the following items:

  • Minutes of the 25th meeting of BOAD Audit Committee
  • Allocation of the annual ordinary appropriations paid in for FY2016
  • Status of resources mobilized by BOAD as at 31 July 2017
  • Report on the second bond loan issued by the Bank in the international capital market.
  • Memo on the implementation of the agreement for debt assignment and net negative asset coverage between Banque Régionale de Solidarité (BRS) and the WEAMU member countries
  • Proposed adjustment of BOAD’s subscription amount to the third capital increase of Air Côte d’Ivoire (AIR CI)
  • Minutes of the ordinary meeting of the WAMU Council of Ministers held on 30 June 2017 in Dakar.

In closing the meeting, Chairman Christian Adovelande, on behalf of the Board of Directors, thanked the Ivorian authorities and the Governor of BCEAO for the warm and fraternal welcome extended to members of the Board and for making the necessary arrangements for the meeting.

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