The Board of Directors approves new loans totalling XOF118.5 billion

photo_100eme_caDakar, 22 March 2016. The Board of Directors of the West African Development Bank (BOAD) held on 22 March 2016, at the headquarters of the Central Bank of West African States in Dakar (Senegal), its 100th ordinary meeting under the chairmanship of Mr. Christian Adovelande, President and Chairman of the Board of Directors.

Following the approval of the minutes of its 99th Board meeting held on 14 December 2015 in Niamey (Niger), the Board approved the accounts for the year ended 31 December 2015, which will be submitted for approval by the Council of Ministers of the West African Monetary Union (WAMU).

It also approved 7 medium and long-term loan proposals totalling XOF100.575 billion, one (1) short-term loan proposal of XOF17.92 billion and one (1) equity investment proposal in an amount of XOF10 billion.

These new loans brought to XOF3,768.08 billion the aggregate amount of medium and long-term loans extended by BOAD in respect of 768 projects. As regards the aggregate amount of short-term facilities, it stood at XOF238.9 billion spent over 27 operations.

Overall, the Bank’s cumulative funding (all operations combined) stood at XOF4,006.9 billion for 795 operations.

Loans approved were meant for the partial funding of the following projects:

  • Planning and asphalting of the the Boulevard des Tansoba (south-eastern and northern bypasses) in Ouagadougou (Burkina Faso): XOF20 billion;
  • Street paving and sanitation in 20 towns (Adja-Ouèrè, Adjarra, Adjohoun, Agbangnizoun, Aguégués, Akpro-Missérété, Boukoumbé, Cobly, Dangbo, Kouandé, N’dali, Nikki, Ouassa-Péhunco, Ouinhi, Pèrèrè, Sinendé, Sô-Ava, Tori-Bossito, Toucountouna and Zagnanado) and construction of primary storm drain collection structures at Malanville in Benin: XOF20 billion;
  • Priority access road project (PPD) in the Republic of Senegal (Phase 1): XOF20 billion;
  • Construction of the final lot of 20 MW of the 100 MW diesel thermal power plant at Gorou Banda in Niger: XOF15 billion
  • Upgrading of the SONEB potable water supply system at Parakou and surrounding areas in Benin: XOF5.575 billion
  • Extension and upgrading of the ginning capacity of the Compagnie Malienne pour le Développement des Textiles (CMDT) in Mali: XOF15 billion
  • Short-term loan facility to the Compagnie Malienne pour le Développement des Textiles (CDMT) for the partial funding of the cotton season in Mali: XOF17.72 billion;
  • In addition to these loans, a third refinancing facility of XOF5 billion was extended to SONIBANK in Niger.

The Board equally authorized:

  • BOAD’s equity investment of XOF10 billion in the investment fund dedicated to financial service development in the West African Economic and Monetary Union (WAEMU);
  • The restructuring of the terms and conditions of the XOF3 billion loan facility for the partial funding of the Benin Marina Hotel renovation and expansion project in Cotonou (Benin) by the Société de Gestion Benin Marina Hotel (SG-BMH);
  • The renewal of the term of office of BOAD Credit Committee members.

The Board expressed favourable opinion on the revision of the Bank’s Articles of Association, the 2015 annual report as well as the statement of recovery of BOAD loans as at 29 February 2016 and the overall situation of recoveries as at 31 December 2015.

Furthermore, it took notice of the following items:

  • Minutes of the 22nd meeting of BOAD Audit Committee;
  • Annual budget execution report for 2015 under the 2015-2017 programme-budgeting;
  • Implementation of the 2015-2019 strategic plan: implementation report as at 31 December 2015;
  • Status report on the use of resources mobilized by BOAD as at 31 January 2016;
  • Resumption of BOAD’s concessional lending as at the beginning of 2016;
  • Compendium of recommendations and decisions taken at the Board meetings held in 2015;
  • Minutes of the ordinary session of the WAMU Council of Ministers held in Niamey on 17 December 2015.

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, and the material and organizational arrangements that facilitated the organization of this meeting under congenial conditions.

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