The Board of Directors of the West African Development Bank (BOAD) held its 137th ordinary meeting in hybrid format, under the chairmanship of Mr. Serge Ekue, Chairman of the Board and President of BOAD.
Following approval of the minutes of its 136th meeting held on 26 June 2023 in Abidjan, Côte d’Ivoire, the Board examined the interim financial report as at 30th June 2023, the statement of recovery of BOAD loans as at 31th August 2023, the concept note on the update of procurement procedures by the Bank’s borrowers, as well as the proposed update of BOAD’s financial security policy applicable to the fight against money laundering and financing of terrorism.
The Board also reviewed the minutes of the 44th meeting of BOAD’s Audit Committee, the conclusions of the annual review of the Bank’s credit rating by international rating agencies, the report on the implementation of a loan portfolio insurance policy at BOAD (“Indoukat” Project), and the status of resources mobilized by BOAD as at 31st July 2023.
The Board further approved five (5) new loans totalling XOF91.313 billion, bringing BOAD’s total commitments (all operations combined) to XOF7,916.3 billion since commencement of its operations in 1976.
The approved loans relate to the partial funding of the following projects:
Construction of storage spheres and a butane gas filling centre by SCCI GAZ SA in Côte d’Ivoire. This sphere with a capacity of 4,000 tons, will be installed on the Vridi site and will increase national storage capacity and improve access to butane gas for households in Côte d’Ivoire. Loan amount: XOF9 billion
Construction and operation of a 30 MW photovoltaic solar power plant with a 15 MW/45 MWH storage system by Teranga Niakhar Storage at Niakhar in Senegal. The project will contribute to a better coverage of power demand and a more secure power supply in the country. Loan amount: XOF15 billion
Construction of the Bouake-Kanawolo highway: Bouake-Kobo road section (69.5 km) in the Republic of Côte d’Ivoire. The infrastructure will support traffic growth along the corridor linking the Abidjan Port Authority to the hinterland countries, with a view to supporting the growth of the national economy. Loan amount: XOF30 billion
Construction of infrastructure and systems for the Diamniadio-AIBD section (19 km) of the Regional Express Train (TER) in the Republic of Senegal. The aim is to improve the movement of people and goods in the Dakar conurbation through the advantages offered by rail transport. Among other things, it will facilitate the daily movement of at least 180,000 commuters, while reducing road congestion by at least 20%. Loan amount: XOF35 billion
Investment by BOAD in the capital increase of the Société de Promotion et de Participation pour la Coopération Economique (PROPARCO). This investment will strengthen PROPARCO’s financial structure. Amount of the operation: XOF2.31 billion
Lastly, the Board approved the following four (4) credit facility proposals to support BOAD’s activities:
Third credit facility from China Development Bank (CDB) to BOAD. This facility is intended to finance projects in the areas of transport infrastructure and information and communication technologies, energy (except for thermal power generation), agriculture and food security, as well as health and education. Facility amount: € 150 million, or XOF98.39 billion.
Second credit facility from Cassa Depositi e Prestiti (CDP) to BOAD. This facility is meant for financing agricultural and agribusiness projects in the public and private sectors, thereby contributing to food security in the WAEMU region. Facility amount: € 100 million, or XOF65.59 billion.
Credit facility by First Abu Dhabi Bank (FAB) to BOAD. These resources are meant for financing the Bank’s projects in every sector. Facility amount : € 100 million, or XOF65.59 billion.
Grant from the Agence Française de Développement to BOAD for loan subsidy under the emergency quick-impact programme referred to as “Songtaaba” and the implementation of the Climate Study Fund. The grant is intended to support supply chains in the food, energy and agricultural sectors, and to finance feasibility studies that will help mobilize resources for the implementation of “climate” labelled projects. Grant amount : € 15 million, or XOF9.83 billion.
In his closing remarks, Chairman Serge Ekue expressed, on behalf of the Board of Directors, his gratitude to the Ivorian authorities for the efforts deployed for the organization of this meeting under congenial conditions.
