Paris, October 11, 2023 – In the presence of a panel of nine leading private insurers, Mr Serge EKUE, President of the West African Development Bank, underwrote a credit insurance policy on behalf of the institution for 278 billion FCFA (424 million EUR), representing 11% of its total loan portfolio.
The implementation of this font marks a new milestone in the deployment of the ” originate to distribute” , adopted by the Bank as part of the implementation of its Djoliba Strategic Plan. It aims to raise the average rating of its overall loan portfolio, with a view to having a positive influence on its own business. investment grade rating. At the same time, it saves prudential capital, which can be redeployed for new financing, to the benefit of EU Member States.
As a reminder, the Bank’s first partnership with insurers led to the introduction of the ” Single Name “, from 2021. This cooperation is continuing, with the launch today of the Portefeuille Souverain policy .
During the ceremony, the President of BOAD reaffirmed BOAD’s ambition to use the credit insurance market on a long-term basis as a distribution and balance sheet exposure tool, in order to strengthen its financing capacity for the benefit of WAEMU member states.