February 23, 2021. The Board of Directors of the West African Development Bank (BOAD) met by videoconference for its 121st ordinary session, the first of the year 2021, under the chairmanship of Mr Serge EKUE, Chairman of the Board of Directors, President of BOAD.
Having approved the minutes of the 119ème and 120ème meetings, held respectively, on November 24 and December 8, 2020, the Board examined and approved two (02) loan proposals for an amount of 10 billion FCFA These new approvals bring the total to 6 264.86 billion FCFAtotal commitments (all operations combined) for BOAD since it began operations in 1976.
The loans approved concern the partial financing of the following projects :
- Support for the intensification of food crop production (PAIPV) in the Republic of Guinea-Bissau: Phase 1. Among other things, the project aims to exploit the potential of uncultivated land, through the development of strategic crops such as rice, with a view to increasing the financial and economic power of the populations in the various target zones.
Amount of operation
5 billion FCFA - Development and asphalting of the Buba-Catiò road in the Republic of Guinea-Bissau. The overall aim of the project is to open up the southern region of Guinea Bissau and facilitate economic and social exchanges at national and sub-regional level.
Project value
5 billion FCFA
The Board also took note of the resources mobilized as at January 31, 2021, and congratulated the Bank on the execution report for the sustainability bond, the first of its kind in Africa to be issued on the international financial market, which was a great success with international investors.
In closing the proceedings, Chairman Serge EKUE, on behalf of the Board of Directors, thanked all the Bank’s teams for their mobilization and the technical resources deployed to ensure that the session was held under the best possible conditions.
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