West African Development Bank Approves New Operations

The⁤ Board of Directors of⁣ the West African Development Bank (BOAD) met on Friday, September 20, 2024, via video conference, for its 143rd regular session. The meeting was held under the chairmanship of ⁣Mr. Serge EKUE, President⁢ of the Board of Directors ⁤and BOAD.

After approving the minutes of the 142nd​ meeting, held on June 26, 2024, in Lomé, Togo, in a hybrid format, the Board approved ​the interim⁣ accounts ⁤of the Bank on⁤ June‍ 30, 2024, ‌and issued a favorable opinion⁢ on the⁣ recovery of the Bank’s loan receivables at‍ 31 August‍ 2024.

New‍ Operations Approved

The administrators approved six (06) new operations within 24 hours in Benin, for a total of⁢ 105.638 billion FCFA, bringing the total funding so far (all operations combined) ⁣of BOAD to 8,854.3‌ billion FCFA, since the start of its operational ⁣activities in​ 1976.

• Short-term Line⁣ for Partial Refinancing of Simple Cotton Producers Cooperative Societies (SCOOPS-PC) from the SOFITEX zone ⁣for the 2024-2025 cotton‌ campaign ​in Burkina Faso.

  The ​aim ⁤of the project is to strengthen the short-term financial resources of Ecobank Burkina, to enable it‌ to support the ​financing needs of⁣ SCOOPS-PCs in the SOFITEX zone for the 2024-2025 campaign.

  Amount of the operation: 10 billion FCFA

  Effects: The project will facilitate access to finance for⁢ approximately 1,100 SCOOPS-PCs for the acquisition of necessary inputs for cotton cultivation, or approximately 23,000⁣ farm managers, including 400 women.

• A Short-term Loan in Favor of the ⁤Company Ivory Cocoa Product (ICP)​ SA for the 2024-2025 cocoa campaign in Ivory Coast.
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  BOAD’s support will finance the procurement of approximately​ 7,500 ⁤tonnes of ‌cocoa ‍beans.

  Amount of the operation: 15 ‍billion FCFA

  Effects: This ​project is ‌classified as “sustainable development”.‍ The Bank’s support contributes to ‍the livelihood of more⁢ than 6 million people, combines 5,000 indirect ​and induced jobs, and maintains nearly 170 permanent ICP jobs.

• Reinforcement of the Fresco-Sassandra-San Pédro-Grand Béréby Crossroad from‌ the Coast ⁢Road in the Republic of Côte d’Ivoire.
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  The work will contribute ‍to the economic development of‌ the regions served⁤ by facilitating access to these important agricultural production, tourism, and mining areas, thereby improving‍ trade ⁣between the​ regions of San Pedro, Gboklè, and the Abidjan District.

  Amount of the⁤ operation: 28.638 ‌billion FCFA

  Effects: The project will create 2,650 direct and indirect jobs. Environmental⁢ impacts will be ‌managed by compensatory reforestation to strengthen the “carbon sink” function of the project, through fair compensation to affected people and through the implementation and monitoring of environmental and ⁢social measures.

• Extension⁣ of Stage 4 of ‍the Komsilga Power Plant‍ by the Burkina National Electricity ​Company (SONABEL) in Burkina Faso.
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  The‌ objective is to strengthen the ​generation capacity ⁤of the national interconnected network (RNI) by installing and commissioning an additional capacity of 50 ⁤MW.

  Amount ⁢of the operation:⁤ 30‌ billion FCFA

  Effects: 350‍ GWh of electrical energy ⁣is produced ⁤per ‍year, more access to‍ electricity for 217,000 residents, and ​the creation⁤ of 250 jobs. Management of ⁤environmental impacts is supported by the ‍implementation of an environmental ​and social ⁤management plan.

• Rural Electrification of⁤ One Hundred Seventy-Two (172) Locations by Extending the​ Medium and Low Voltage Electricity ⁣Distribution Network in the Togolese Republic.
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  The objective⁣ is to contribute to ​general access to electricity for ​populations by electrifying the rural areas in question, in order⁢ to fight against poverty and slow down the⁤ rural exodus.

  Amount of the⁣ operation: 6 billion FCFA

  Effects: ⁢With⁤ moderate effects on the environment,​ this project will contribute to ⁣improving access to electricity for an additional ⁤35,890 residents thanks ‌to ​the distribution of 9.3 ​GWh of electricity in⁢ the first year, and the creation of 625 jobs.

• Build a Structured Public Drinking Water Distribution Network in‍ the communities of Abobo and Yopougon in the autonomous region of‌ Abidjan, in the Republic of Côte d’Ivoire.
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  The implementation of the project will make it ⁣possible to⁢ sustainably increase the water supply ⁢to ⁢deficient areas in these ⁤municipalities,‌ from the Mé drinking water resource.

  Amount​ of the operation: 16 billion FCFA

  Effects: A 50% reduction in water-borne diseases, an‍ increase of 100,000 m³ per day in the volume of ‍drinking water​ sent and ⁣distributed, more​ than ⁢1.2 ​million additional people having access to an⁣ improved‍ water source, and‌ more ⁤than 250 jobs generated during the ‍implementation, as well as more than 850 indirect‍ and induced jobs.

the Council identified the following files, which ⁢are listed for information:

• Minutes of the 47th meeting of the Audit Committee
• Allocation of the normal annual allocation paid to the BOAD⁣ by the ​United States, for ⁤the fiscal years 2022 and 2023
• The status of resource utilization triggered ⁤by BOAD as‌ at 31 July 2024
• Report on the⁤ implementation of a⁢ credit insurance policy for BOAD’s non-sovereign debt portfolio (INDOUKAT ‍Project)
• Minutes of ⁤the regular ‍meeting⁤ of the WAMU Council of Ministers held on July 11, 2024, in Ouagadougou, Burkina ‌Faso

Concluding the work, the Chairman of the ⁤Board of Directors, Mr. Serge EKUE, wished to send a⁢ message of​ full solidarity to the authorities and ⁤people of Mali⁣ after the recent attacks in⁤ Bamako.

The President finished by thanking ‌all the technical teams for all the arrangements made to hold this session in the best ‍conditions.