4 min

The 142nd Board meeting of BOAD approves new loans totalling XOF162.339 billion for the benefit of WAEMU economies

Lomé, 27 June 2024. The Board of Directors of the West African Development Bank (BOAD) held its 142nd ordinary meeting in hybrid mode, under the chairmanship of Mr. Serge Ekue, Chairman of the Board and President of BOAD.

Following approval of the minutes of its 141st meeting held on 25 March 2024 in hybrid mode in Dakar, Senegal, the Board issued a favourable opinion on the statement of recovery of the institution’s loans as at 31 May 2024.

The Board also approved nine (9) new loans totalling XOF162.339 billion, bringing the Bank’s total commitments (all operations combined) to XOF8,723.7 billion since commencement of its operations in 1976.

The approved loans relate to the partial funding of the following projects:

  • Refinancing facility to the Banque Sahélo-saharienne pour l’Investissement et le Commerce Côte d’Ivoire (BSIC CI). This loan will allow BSIC CI to increase its medium-term financing of productive investment projects for SMEs/SMIs and to consolidate its development whilst contributing to national economic growth. Loan amount: XOF10 billion.

 

  • Proposed equity investment by BOAD in the I&P AFRIQUE ENTREPRENEURS 3 (IPAE 3) Fund. The objective is to strengthen the Fund in order to make 15 to 17 investments in SMEs in sub-Saharan Africa, particularly in West Africa and Madagascar. Loan amount: XOF5 billion.

Projected impact: 15 to 17 SMEs financed, 5,000 jobs maintained or created.

  • Proposed equity investment by BOAD in the capital of the Project Development Fund of the Alliance for Green Infrastructure in Africa (AGIA-PD). This operation will help bridge the infrastructure gap in Africa, attract a significant flow of third-party capital to finance African infrastructure by making it greener, and support the transition to net zero. Loan amount XOF9.839 billion.

Projected impact: 100 infrastructure projects financed, +1,160 MW installed capacity (renewable energy, 1,060 kV of renewable energy transmission lines installed, 260,000 m3/day of drinking water produced, 3,557,012 TC02/year avoided).

  • Second phase of Togo agrifood processing project (PTA-Togo). This project designed to foster inclusive job-creating agricultural growth, reduce the region’s food imports and promote private investment in the targeted sectors (rice, maize, soya, sesame, broiler chicken and cashew nuts), will further enable capacity-building for players in the priority agro-industrial sectors. Loan amount XOF30 billion.

Projected impact: 800,000 beneficiaries, including 50% women, 10,000 people will have access to water supply and an additional 10,000 people to electricity.

  • Loan proposal for the partial funding of the phase 2 of the water development project for value chains development (PROVALE-CV 2) in Senegal. The project will focus on restoring soil fertility, increasing agricultural, livestock and aquaculture production, and boosting the incomes of beneficiaries in order to contribute towards inclusive and sustainable economic growth in the region. Loan amount XOF25 billion.

Projected impact: 33,000 indirect jobs and 17,000 direct jobs created, including 60% for women and 30% for young people.

      • Information note to the Board of Directors on the conclusions of the mid-term review of the 2021-2025 plan Djoliba.
      • Mid-term review of the 2024 financial outlook update.
      • Minutes of the ordinary meeting of the WAMU Council of Ministers held on 28 March 2023 in Dakar, Republic of Senegal
        • Construction and asphalting of the Tchassémondè-Gandé-Agbang road in Togo. The project will open up the area to facilitate economic, social and cultural exchanges at national and sub-regional levels. Loan amount: XOF30 billion.

        Projected impact: creation of over 4,200 direct and indirect jobs and 80% reduction in the number of road accidents.

        • Construction and operation of a 52 MWp solar photovoltaic power plant at Sokhoro in Côte d’Ivoire, by FERKE SOLAR SA. The power plant will help provide better coverage of power demand, providing access to nearly 370 inhabitants, and increase the share of renewable energy in the energy mix. Loan amount:15.5 billion.

        Projected impact: increased access to electricity for 370,000 people, reduction of greenhouse gas emissions by 39,000 tonnes annually, over 840 direct and indirect jobs.

        • Construction of an LPG storage and filling terminal in the port of Bargny Sendou in Senegal, by TERANGAZ SA.  This project will help boost storage capacity and improve access to butane gas for households in Senegal and in the sub-region by creating additional storage capacity of some 13,000 m3 (7,000 tons) and additional filling capacity of 150,000 tons of gas per annum. Loan amount: XOF7 billion.

        Projected impact: some 400 jobs created, protection of plant cover, with gas replacing charcoal and firewood.

        • Construction and equipment of three (3) technical vocational high schools at Natitingou, Lokossa and Bohicon, in the Republic of Benin. The project’s overall objective is to foster technical and vocational training, improve the teaching quality and manage technical and vocational education and training. Loan amount: XOF30 billion.

        Projected impact: 1,800 young people trained per year in construction and public works, energy and digital sub-sectors, with about 18,000 graduates employed by 2050.

        The Board further approved:

        • Acceptance of 1 hectare of land donation to BOAD by the Aného Town Hall in Togo.
        • The 2023 CSR Annual Report.

         

        Finally, the Board took note of the following items for information:

      In his closing remarks, Chairman Serge Ekue expressed his profound gratitude to the Togolese authorities for the facilities and assistance provided, and further thanked the technical team and staff for the efforts deployed for the organization of this meeting under congenial conditions.

       

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