The Board of Directors approves the Bank’s new strategic plan for the 2021-2025 five-year period and new loans for projects totalling XOF84.9 billion

25 September 2020. The Board of Directors of the West African Development Bank (BOAD) held its 118^th ordinary meeting under the chairmanship of Mr. Serge Ekué, President of BOAD and Chairman of the Board of Directors. As the previous one, this meeting was held by videoconference due to the Covid-19 related restrictions.

Following approval of the minutes of its 117^th meeting held on 24 June 2020, the Board examined and issued a favourable opinion on the Bank’s new strategic plan for the 2021-2025 period. Structured around five (5) strategic areas, this plan seeks to increase the Bank’s impact in terms of development outcomes, with a view to better contributing to the integration and transformation of West African economies. The plan will be submitted for approval to the WAMU Council of Ministers.

The meeting reviewed and approved BOAD interim financial statements as at 30 June 2020, the guidelines for the updating of 2020-2024 financial outlook and preparation of 2021-2023 programme-budget.

The Board approved new operations involving ten medium and long-term loans in an amount of XOF84.9 billion, bringing BOAD’s total commitments (all operations combined) to XOF6,177.7 billion, since commencement of its operations in 1976.

Lending approvals are meant for the partial funding of the following projects:

• Promotion of inclusive finance providing access to financial services for low-income populations in Burkina Faso: the project seeks to provide financial resources in support to the Burkinabe government’s financial inclusion efforts for the benefit of low-income populations, micro and very small-scaled enterprises through the financial institutions of the decentralised financial system (SFD). Loan amount: XOF5 billion.

• Second phase of the Ouédo site development project in Benin: the project objective is to contribute to improved quality of life and reducing poverty. Loan amount: XOF10 billion.

• Construction of 1528 classrooms in Senegal as part of the PROZAP project: the project objectives are to provide good learning conditions for nearly 28,560 disadvantaged children and to reduce the drop-out rate in the target schools by 50%. Loan amount: XOF8 billion.

• Oréfondé-Matam road planning and asphalting project in the north Dandé Mayo region, as part of the programme for opening up agricultural and mining production areas: the project objective is to contribute to the protection and development of the road network in a bid to supporting Senegal’s economic growth. Loan amount: XOF15 billion.

• Construction and operation of a cement plant by CIMCO SA in Togo: the project seeks to contribute to meeting cement consumption needs in Togo and the sub-region through the geographical advantage of the Lomé port, and further contribute to the country’s economic growth by improving the industrial sector’s competitiveness and performance of the infrastructure sector. Loan amount: XOF20 billion.

• Refinancing facility to Coris Bank International Côte d’Ivoire (CBI-CI): this facility meant for refinancing productive investment projects in sectors eligible for the Bank’s financing, is part of the third programme initiated by BOAD and KfW to support micro, small and medium-sized enterprises (MSMEs) in the WAEMU region by improving their access to financing through the commercial banking sector. Loan amount: XOF10 billion.

• Refinancing facility to Crédit du Sénégal (CDS): the facility is part of the recovery package for WAEMU companies in the aftermath of the Covid-19-related health crisis. Loan amount: XOF8 billion.

• Refinancing facility to Banque Nationale pour le Développement Economique (BNDE) in Senegal: the facility is part of the recovery package for WAEMU companies in the aftermath of the Covid-19 pandemic. Loan amount: XOF8 billion.

The Board further approved the following LoCs from various partners:

• LoC to BOAD by the OPEC Fund: this loan will enable the Bank to finance its pipeline of projects in the short-term operations sector (including refinancing facilities) and agricultural seasons. Loan amount: €50 million, or XOF32.798 billion.

• Report of the 34^th meeting of BOAD Audit Committee;
• Performance evaluation of the portfolio of public projects financed by BOAD in Benin from 2000 to 2015: summary report;
• Status of resources mobilized by BOAD as at 31 July 2020.

In closing the proceedings, Chairman Serge Ekué, on behalf of the Board of Directors, thanked all the stakeholders for their commitment and the technical support made available to BOAD for the organization of this meeting under congenial conditions.

For further information, please contact:

Direction de la Communication, du Marketing, des Relations Publiques et du Savoir

Tel: + 228 22 23 25 65 / WhatsApp: +228 99 99 32 15

Email: boadsiege@boad.org

Fax: + 228 22 23 24 38