The Board of Directors approves new loans involving approximately XOF138 billion

Logo BOADDakar, 22 March 2017. The Board of Directors of the West African Development Bank (BOAD) held its 104th ordinary meeting on 22 March 2017 at the headquarters of the Central Bank of West African States in Dakar (Senegal), under the chairmanship of Mr. Christian Adovelande, President and Chairman of the Board of Directors.

Following approval of the minutes of its 103rd Board meeting held on 14 December 2016 in Bamako (Mali), the Board approved the accounts for the year ended 31 December 2016, which will be submitted for further approval by the Council of Ministers of the West African Monetary Union (WAMU). It also endorsed 13 new loan proposals totalling XOF137.75 billion, bringing the aggregate amount of the Bank’s commitments to XOF4,547.15 billion in respect of 1,060 operations, since commencement of its operational activities in 1976.

The partial funding of the following projects was approved:

  • Development of 3,308 ha of farming areas I and II in the plain of San East in Mali. Loan amount: XOF5 billion
  • Building resilience of the agriculture to climate change through modern irrigation techniques (Niger). Loan amount: XOF10 billion
  • Development of farmlands in the plain of Oti (Pata-Oti): Sadori, Fare and Koukoumbou areas in the prefecture of Oti, and Nali and Koulifiekou areas in the prefecture of Dankpen in Togo. Loan amount: XOF11 billion
  • Ntunhané-Catiò road planning and asphalting project (39.3 km) in Guinea Bissau. Loan amount: 9 billion
  • Planning and asphalting of the Bagaroua-Illéla road (107 km) and the Dan Dadji-Dan Gona bypass (17 km) in Niger. Loan amount: XOF15 billion
  • Rehabilitation of the Lomé-Cotonou road (phase II) and coastal protection in Togo. Loan amount: 6 billion
  • Electrification of 14 localities from the transformer stations of the OMVG 225-kV interconnection grid in Guinea Bissau. Loan amount: 7 billion
  • Construction of a five-star hotel referred to as “Bravia Hotel Niamey” by the company Hotel Royal Continental (HRC) SA at Niamey in Niger. Loan amount: XOF7 billion

The Board of Directors also authorized:

  • Granting of a subordinate loan and a refinancing facility to ORABANK Côte d’Ivoire (ORABANK CI) in an amount of XOF20 billion
  • Granting of a subordinate loan and a refinancing facility to NSIA BANQUE Côte d’Ivoire (NSIA BANQUE CI)in an amount of XOF15 billion
  • Granting of a refinancing facility to Banque Nationale de Développement Economique (BNDE) at Dakar in Senegal in an amount of 5 billion
  • Equity investment in the share capital of Banque Outarde (LBO-SA) in Senegal in an amount of XOF2 billion
  • Granting of a short-term loan to Compagnie Malienne pour le Développement des Textiles (CDMT) for the partial funding of the cotton season in Mali in an amount of 05 billion

The Directors expressed favourable opinion on the revision of the Bank’s Articles of Association, the 2016 annual report, the statement of recovery of BOAD loans as at 28 February 2017, a note on the designation of BOAD as trust manager of WAEMU member countries’ stake in the share capital of SABER, the conditions for rescheduling Guinea Bissau’s debt in respect of the admission fee and overdue payments other than loans.

They finally took notice of the following items:

  • Report of the 24th meeting of BOAD Audit Committee;
  • Status of BOAD’s operations by country as at 31 December 2016;
  • Implementation of the 2015-2019 strategic plan: Year II end review;
  • Status report on the utilization of resources mobilized by BOAD as at 31 January 2017;
  • Status of the new loan interest subsidy mechanism as at 31 December 2016;
  • Annual budget execution report for 2016 under the 2016-2018 programme-budgeting;
  • Review and prospects for the operational implementation of BOAD IT blueprint (2011-2014);
  • Compendium of recommendations and decisions taken at the Board meetings held in 2016.

In closing the meeting, President Christian Adovelande sincerely thanked, on behalf of the Board, the Senegalese authorities and the Governor of BCEAO for the warm and fraternal welcome extended to Directors, as well as the material arrangements that facilitated the organization of this meeting under congenial conditions.

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