The Board of Directors of the West African Development Bank (BOAD) approves new loans totaling XOF50 billion

Irène ASSIONGBONNews

24 November 2020. The Board of Directors of the West African Development Bank (BOAD) held its 119th ordinary meeting by videoconference under the chairmanship of Mr. Serge Ekué, President and Chairman of the Board of Directors.

During this meeting, the Board examined and approved five (5) new operations in an amount of XOF50 billion, bringing BOAD’s total commitments (all operations combined) to XOF6,228 billion since commencement of its operations in 1976.

The approved loans involve the partial funding of the following projects:

  • Project for settling ruminant herds (ProSeR) (phase 1) in the Republic of Benin. The overall objective of the project is to contribute to improved livestock production and rational farm management. Loan amount: XOF10 billion;
  • Project for the rehabilitation of the Sélingué and Sotuba hydropower facilities in the Republic of Mali. The project seeks to contribute to the regular cost-effective power supply. Loan amount: XOF10 billion;
  • Granting of a refinancing facility to Banque Malienne de Solidarité (BMS) in Mali as part of the WAEMU corporate recovery package in the aftermath of the Covid-19 health crisis. Loan amount: XOF10 billion;
  • Granting of a refinancing facility to Banque Nationale de Développement Agricole (BNDA) in Mali as part of the WAEMU corporate recovery package in the aftermath of the Covid-19 health crisis. Loan amount: XOF10 billion;
  • Granting of a third refinancing facility to Coris Bank International SA (CBI SA) in Burkina Faso. 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.

In closing the proceedings, Chairman Serge Ekué, on behalf of the Board of Directors, thanked all the stakeholders for their time and effort and the technical support provided for the organization of this meeting under congenial conditions.

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