BOAD Board of Directors Unveils Ambitious Plans: 6 New Commitments Worth 105.638 Billion FCFA to Drive Growth and Development
West African Development Bank (BOAD) Approves New Commitments to Boost Regional Development
On Friday, September 20, 2024, the Board of Directors of the West African Development Bank (BOAD) held its 143rd regular session via video conference in Lomé. Placed under the leadership of Serge EKUE, Chairman of the Board of Directors, President of BOAD, this session made it possible to take important decisions and approve six new commitments under different projects in different states of WAEMU.
New Commitments to Support Regional Development
The total of new commitments made by the West African Development Bank (BOAD) following the 143rd session of the Board of Directors is 105.638 billion FCFA. In addition to the previous commitments, the bank’s total commitments will have reached 8,854.3 billion FCFA since its inception in 1976.
Support for Agriculture and Industry
The operation is worth 10 billion and the project will strengthen the short-term financial resources of Ecobank Burkina, to enable it to support the financing needs of SCOOPS-PCs in the SOFITEX zone, under the 2024-2025 campaign. The company Ivory Cocoa Product (ICP) SA located in Ivory Coast also benefits from 15 billion FCFA as part of the 2024-2025 cocoa campaign. BOAD’s support will finance the procurement of approximately 7,500 tonnes of cocoa beans.
“The Bank’s assistance contributes to the livelihood of more than 6 million people, to the consolidation of 5,000 indirect and induced jobs, and to the retention of nearly 170 permanent ICP jobs,” informed BOAD.
Infrastructure Development
Also in Ivory Coast, the allocation of 28.638 billion FCFA was kept for the strengthening of the Fresco-Sassandra-San Pédro-Grand Béréby intersection section of the coastal road. This work will contribute, according to BOAD, 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 Area. It will enable the creation of 2,650 direct and indirect jobs.
Access to Water and Energy
Among the new commitments, three address improving access to water and electricity. This is how 30 billion FCFA will be allocated for the extension of phase 4 of the Komsilga power plant by the Société Nationale d’Electrcité du Burkina (SONABEL) in Burkina Faso. The objective is to strengthen the generation capacity of the national interconnected network (RNI) by installing and commissioning an additional capacity of 50 MW.
Thanks to this project, the production capacity will reach 350 GWh of electrical energy per year, for more access to electricity for 217,000 inhabitants and the creation of 250 jobs. Togo, for its part, will see one hundred and seventy two (172) rural areas electrified by extending the medium and low voltage electricity distribution network.
The objective is to contribute to general access to electricity for the country’s populations by electrifying the rural areas in question, in order to fight against poverty and slow down the rural exodus. A total of 6 billion FCFA will be spent by BOAD for this purpose.
Ultimately, this project will contribute to improving access to electricity for an additional 35,890 residents by distributing 9.3 GWH of electricity in the first year, and creating 625 jobs.
in terms of access to water, BOAD will allocate 16 billion FCFA to build a structuring network of public drinking water distribution in the communities of Abobo and Yopougon in the Republic of Côte d’Ivoire. This project will make it possible to sustainably increase water supply to deprived areas in the communities of Abobo and Yopougon, from the Mé drinking water resource.
Better it will have served to reduce water borne diseases by 50%, the increase of 100,000 m3 per day in the volume of drinking water mobilized and distributed with more than 1.2 million additional people having access to a water source better, more than 250 jobs generated during implementation and more than 850 indirect and induced jobs.