Undoubtedly, 2020 profoundly disrupted our human and economic world. My thoughts first go to the men and women who lost their lives to the scourge of COVID-19. Worse still, while some families mourn their loved ones, others are facing severe economic repercussions, as the global economy contracted by 3.5%, and our sub-region experienced a sharp decline in growth, dropping from 5.8% in 2019 to just 0.9% in 2020.
More than ever, the stability of our societies has been put to the test. In our sub-region, institutions have played a central role in mitigating the effects of the crisis and supporting the population. Thanks to the responsiveness of its Board of Directors, the BOAD, alongside member states, the BCEAO, and the WAEMU Commission, was able to act swiftly: 200 billion FCFA were allocated to our Member States, while 100 billion FCFA were provided to the private sector through refinancing lines for national financial institutions.
Furthermore, leveraging its investment-grade rating obtained in 2015, the Bank continued mobilizing resources under favorable conditions from its technical and financial partners. As a result, during the year, it signed a grant agreement worth approximately 40 billion FCFA and loan agreements totaling around 260 billion FCFA with the French Development Agency (AFD), the World Bank, the Austrian Development Bank, and JP Morgan. These resources will primarily support the efforts of Member States and the private sector in their fight against COVID-19.
The BOAD has also demonstrated its resilience. In terms of financing, the Bank provided 664 billion FCFA in funding to the Union’s member states and private sector in 2020, representing a 33.3% increase compared to 2019—an unprecedented level since the start of its operations.
