BOAD’s 125th Board of Directors approves new loans for a total amount of FCFA 60 billion

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September 21, 2020. The Board of Directors of the West African Development Bank (BOAD) held its 125e ordinary meeting by videoconference under the chairmanship of Mr. Serge Ekue, President of BOAD and Chairman of the Board of Directors.

At the start of the meeting, the Council observed a minute of silence in tribute to the late Charles Konan Banny, former Prime Minister of Côte d’Ivoire, former Governor of BCEAO and former member of the Board of Directors of BOAD. The administrators praised the memory of an expert in the financial world, disinterested promoter of regional integration in the UEMOA region.

Work began with the approval of the minutes of the 124e meeting held on June 25, 2021 by videoconference, and the closing of the Bank’s interim accounts on June 30, 2021. The Board also examined and approved five (5) loan proposals for a total amount of FCFA 60 billion. These new loans bring to XOF 6.592.7 billion the total commitments of BOAD (all operations combined) since the start of its operations in 1976.

The loans approved concern the financing of the following projects:

  • Construction of a logistics platform in the agro-industrial center of Grand Nokoué in Abomey-Calavi in ​​the Republic of Benin. Covering an area of ​​168 ha, the platform will improve the quality of service of wholesale and export activities of agrifood products in Benin. The implementation of the project will also contribute to the creation of at least 200 direct (temporary) jobs and 820 indirect and induced jobs. In addition, the preparation and construction works will allow the transfer of wholesale activities from the Dantokpa market, and will give the women of the Abomey-Calavi commune the opportunity to improve their income by carrying out petty trading activities and catering in the vicinity of the project site. Amount of the loan: 20 billion XOF.
  • Development of the cornice as part of the asphalting of the urban road network in Tillabéri in the Republic of Niger. This involves the development and paving of a 3 km section of the Tillabéri corniche in a 2 × 1 roadway with two (2) shoulders of 1.5 meters each. It is also planned to build three (3) landing points and three (3) market sheds for trade in the area. The project will therefore help boost the economy by improving the living conditions of the populations and transport conditions in the city. Amount of the loan: 6.5 billion FCFA.
  • Extension and upgrade of TOGOCOM SA’s telecommunication network in Togo. The project includes (i) the construction of 430 new mobile network sites; (ii) bringing 793 sites up to 4G standards; (iii) deployment of 53 new 5G sites in five (5) zones, on a pilot basis; (iv) the connection of 613 sites to optical fiber; and (v) the extension of the international access capacity from 60 Gpbs to 80 Gpbs. Its implementation will cover 98% of the population and 90% of the Togolese territory by 2023. To lendamount: 20 billion XOF
  • Granting of a third refinancing facility to the Union des Caisses Mutuelles KAFO JIGINEW in the Republic of Mali. This loan is part of the Bank’s efforts to help strengthen the stable resources of national financial institutions (NFIs) in the WAEMU. It is intended for the purchase of off-grid solar electrification equipment for households, micro and small businesses, schools and health centers. Amount of the loan:3.5 billion FCFA.
  • Renewal of the partial counter-guarantee of a short-term guarantee facility granted by Société Générale Côte d’Ivoire (SGCI) to Côte d’Ivoire Energies (CI-ENERGIES).Amount of the loan:10 billion FCFA.

Finally, the Board took note of a communication on the progress of the “Peninsula” project, known as the Bank’s equity doubling operation. The planned capital increase of at least $ 1.3 billion aims to provide BOAD with the means to meet the growing needs of the populations of the Union, in particular in the sectors of transport infrastructure, energy, housing, agriculture, education and health.

Closing the meeting, President Serge Ekué, on behalf of the Board of Directors, thanked the Bank teams for their time and efforts and the technical support provided for the organization of this meeting under friendly conditions.

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BOAD – West African Development Bank published this content on September 21, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on September 21, 2021 09:01:03 PM UTC.

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