2017, economic growth resurged in sub-Saharan Africa as a result of a stronger global economic growth, higher commodity prices and improved access to markets. Growth rate during the year stood at 2.8% as against 1.4% in 2016. Economic performances were stronger in the WAEMU region. GDP increased by 6.7% up from 6.5% in 2016, reflecting dynamic commercial activities, especially in the service and construction sectors, as well as good agricultural outputs in most member countries. For its part, BOAD supported economies of the Union by providing financial assistance totalling XOF557.6 billion, representing a 11.4% increase compared to 2016. Long and medium-term financing stood at XOF477.9 billion while XOF71.1 billion went into short-term loans, aimed at supporting various funding needs for economic operators. Approximately XOF8.6 billion went into strategic equity investments in the capital of banks and companies. Loans granted by the Bank will contribute to the implementation of important investment projects in priority areas such as energy, agriculture, transportation, road, ports and airports infrastructure, or in the area of companies’ operating cycle. Some of the activities carried out during this financial year include a regional project for the promotion of affordable housing initiated by BOAD in conjunction with the World Bank Group. Given the difficulties of access to accommodation for most citizens of the Union, the Bank launched a WAEMU/World Bank project to funding affordable housing. This project aims at: i) promoting 50,000 new mortgage loans for affordable housing over a five-year period; ii) providing technical assistance to improve regional know-how in terms of technical and financial engineering applicable to national social housing programmes. Out of agreements signed for a total of US$155 million, BOAD borrowed US$130 million from the World Bank and on-lent to the Regional Mortgage Refinancing Fund (CRRH) of theWest African Economic Monetary Union (CRRH-UEMOA), the backbone of this project. The additional US$25 million mobilized in the form of grants are lodged with the WAEMU Commission.
