Niamey, December 02, 2022. The Board of Directors of the West African Development Bank (WADB) met in person for its 133rd ordinary session, under the chairmanship of Mr Serge EKUE, Chairman of the Board of Directors, President of the WADB.
After approving the minutes of the 132nd meeting, held on September 20, 2022 in Cotonou, Benin, the Board approved the updated financial outlook 2023-2025 and the draft program budget drawn up for the Bank’s five-year term 2023-2027.
Seven operations were also discussed by the Board of Directors : two (02) project proposals financed from SONGTAABA program resources
[1]
(36 billion FCFA), three (03) new project proposals for a total amount of 45 billion FCFA, two (02) refinancing lines (28.5 billion FCFA). These new approvals bring BOAD’s total commitments (all operations combined) to 7182.1 billion FCFA, since the start of its operational activities in 1976.
The loans approved concern the partial financing of the following projects :
Under the SONGTAABA 2022-2024 Special Program :
- Reconstitution of the food security stock for fiscal year 2023 in the Republic of Mali. The project will help meet the food demand of the Malian population, strengthen shock and crisis prevention capacities, improve food accessibility, particularly for vulnerable populations, and reduce distortions in the national cereals market. Amount of the operation : 25 Milliards FCFA
- Rural drinking water supply in the Dosso, Maradi, Tahoua and Tillabéri regions of Niger. The project will involve the construction of 45 drinking water supply systems, serving 92 localities. The project also includes the construction of 334 blocks of institutional latrines in schools and health centers. Amount of the operation : 11 Milliards FCFA
For the ordinary financing program:
- Development of urban roads in the city of Niamey: development of the urban section of the RN25 and rehabilitation of the Niamey-Nyala section, in the Republic of Niger. The project will improve mobility on the sections concerned by reducing journey times, cutting the number of traffic accidents by over 60% and vehicle operating costs by around 40%, from the first year the road is in service. Amount of the operation : 25 Milliards FCFA
- Development of the Ouédo site, as part of the construction of 10,849 social and economic housing units in the Commune of Abomey-Calavi. The servicing work will ensure a quality electricity supply, by increasing the power of the electricity network throughout the project site, and building a water treatment plant and a 500 m³ water tower. Amount of the operation : 10 Milliards FCFA
- Relaunch of ASUSU SA’s activities in the Republic of Niger. The project will help to maintain access to diversified and innovative financial services for populations excluded from the traditional banking system and those who are economically vulnerable, particularly women and young people. Amount of the operation : 10 Milliards FCFA
- Establishment in favor of NSIA Banque Benin SA of (i) a refinancing line as part of the program to revive the activities of companies in the WAEMU, following the health crisis linked to Covid-19, and (ii) a subordinated loan. Amount of the operation : 18.5 billion FCFA
- Establishment of a refinancing line for VISTA Bank Burkina Faso. The line will enable Vista Bank Burkina to increase its medium-term financing activity, consolidate its development, and contribute to the growth of the national economy. Amount of the operation : 10 Milliards FCFA
As for the resources mobilized on behalf of BOAD :
Directors also approved the establishment of a €50 million (FCFA 32.798 billion) line of credit from the OPEC Fund, and a €16.2 million (FCFA 10.626 billion) grant from KfW, both in favor of BOAD. These lines are intended, respectively, to finance small and medium-sized enterprises (SMEs) and renewable energy projects, and to set up the Digital Transformation Fund (FTD).
On another note, the Board examined and approved the environmental and social safeguard framework and the gender equity and equality policy.
The Board also issued a favourable opinion on the Bank’s gender strategy and examined the following files submitted for information :
- Minutes of the 43rd Audit Committee meeting scheduled for November 30 and December 1, 2022 in Niamey, Republic of Niger.
- Ex-post evaluation of the project to reinforce the drinking water supply system in the town of Tafiré and surrounding localities, Côte d’Ivoire.
After receiving best wishes for 2023 from the members of the Board of Directors, and congratulations on the smooth running of the Board meetings and the new dynamic underway in the institution under his leadership, Chairman Serge EKUE thanked the Nigerian authorities on behalf of the Board for the resources made available to ensure that this session was held in the best possible conditions.
He then expressed his gratitude to the members of the Board of Directors for the quality of their discussions and the relevance of their orientations. He also expressed his warm congratulations and pride to the BOAD teams for the quality of the files submitted for the Board’s consideration throughout the year.
For further information
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Email : boadsiege@boad.org
[1 ] SONGTAABA in Moré means ” mutual aid in difficult situations “. Visit Rapid impact emergency program (SONGTAABA 2022-2024 program)in the amount of 200 billion FCFA, approved by the Board of Directors at its 132nd session, held in Cotonou on September 20, 2022, is designed to help improve living conditions for people in the WAEMU and strengthen the region’s resilience in the face of current shocks. In particular, it will: 1) contribute to the implementation of the G5 Sahel’s National Response Plans (NRP) to crises and Emergency Development Program (UDP), 2) rapidly make resources available, in one or more instalments, to respond to the urgent need for food, schooling and basic health care, linked to soaring commodity prices and insecurity.