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The 132nd Board of Administrators of BOAD approves new commitments within the quantity of 349.5 billion francs.

(BOAD) – The Board of Directors of the West African Development Bank (BOAD) held a face-to-face meeting in Cotonou, Benin, at its 132ndth regular meeting chaired by Mr. Serge ECUE, Chairman of the Board of Directors, Chairman of the BOAD.

After the approval of the protocol 131th At its meeting held on June 14, 2022, the Council approved the BOAD Equity Project, which consists of capital increase of about $900 millionUS as well as issuance of hybrid securities in the amount of USD 600 million.

In addition, the Board approved the BOAD interim reporting report as of June 30, 2022 and the BOAD loan receivable collection report as of August 31, 2022.

The Administration also approved an emergency program for Member States and ten (10) new project funding proposals totaling 349.5 billion francs. These new permits amount to CFAF 7,067.6 billion, representing the total liabilities (all operations combined) of BOAD since it began operations in 1976.

in Rapid Response Program (SONGTAABA Program)[1] 2022-2024)amount 200 billion francs francs, aims to contribute to improving the living conditions of the UEMOA population and to strengthening the resilience of the region in the face of current shocks. This will include: 1) facilitating the implementation of National Crisis Response Plans (NRPs) and the G5 Sahel Emergency Development Program (PDU), 2) rapid provision of resources in the form of one or more tranches to respond to an emergency, in particular related to food , retraining and basic health needs due to rising food prices and insecurity.

Approved loans relate to partial financing of the following projects:

  • Establishment and operation of an integrated cotton processing facility by the Benin Textiles Company (STB) in the Glo Jigbe industrial area in Benin.The project concerns the construction and operation of a complex plant for processing cotton fiber into clothing with an annual capacity of 10,000 tons. Its implementation will produce 19 million garments (polo shirts and T-shirts) per year, promote local processing of Benin cotton, create added value and jobs. Transaction amount: 10 billion francs francs;
  • Establishment of an index crop insurance mechanism in the Republic of Côte d’Ivoire.This insurance mechanism will protect producers of cotton, oil palm and rice from crop losses due to climate hazards. The project also includes support and capacity building measures for the cashew and corn sectors, raising awareness among the agricultural world and stakeholders about index-based crop insurance. Transaction amount: 10 billion francs francs;
  • Construction of the Mehe-Ndande section of the Dakar-Tivaouan-Saint Louis motorway in the Republic of Senegal. Built in a 2×2 strip with a central reservation, the construction of this infrastructure will contribute to economic development through, in particular, the development of agriculture, mining, fisheries and tourism in the project area.Transaction amount: 15 billion CFA francs;
  • Establishment of a unified and open urban video protection (VPU) platform in six (6) secondary cities and six (6) main stadiums in the Republic of Côte d’Ivoire. The project will enhance the security of urban areas through the deployment of an automated and unified digital system based on video surveillance. Transaction amount: 15 billion CFA francs;
  • Transformation of the SOCOPAO wharf into an oil depot by PETROCI in the Republic of Côte d’Ivoire. The work is aimed at ensuring the supply of petroleum products and mainly butane gas to Côte d’Ivoire and ensuring the safety of ships.Transaction amount: 30 billion francs francs;
  • Modernization and expansion of SBEE networks (ProMER) in the Republic of Benin. Compaction and strengthening of distribution networks of medium and low voltage (MV and LV) in the regional centers of Atakora-Donga, Zou-Collin, Mono-Kuffo, Borgu-Alibori and Atlantic will connect more than 16,000 additional subscribers. by 2026. The extension will also improve the living conditions of the population of the respective settlements.Transaction amount: 27 billion francs;
  • Partial guarantee of a short-term credit facility provided by Banque Atlantique Côte d’Ivoire (BACI) to Compagnie Ivoirienne de l’Electricité (CIE). This guarantee will allow short-term financing of CIE’s cash flow needs, allowing it to pay the bills of independent power producers (IPPs) and natural gas suppliers on a timely basis.Transaction amount: 10 billion francs francs;
  • Construction and equipment of the Virtual University of Burkina Faso. The aim of the project is to promote the quality and accessibility of higher education training offerings while ensuring that they are in line with the socio-economic needs of the country and sub-region; promote the integration of information and communication technologies for higher education and research in order to increase access and improve quality; contribute to the improvement of the working environment and the productivity of the administrative staff of the Virtual University of Burkina Faso. Transaction amount: 7.5 billion francs;
  • Establishment of a refinancing line in favor of the Banque de l’Union Côte d’Ivoire (BDU CI) as part of a program to revive UEMOA companies affected by the Covid-19 health crisis. This operation will provide the private sector, in particular micro, small and medium-sized enterprises (MSMEs), with financing tailored to their different liquidity needs inherent in the COVID 19 crisis to recover short-term operations and productive investments to strengthen or streamline. production tools in the medium term. Transaction amount: 10 billion francs francs;
  • Opening of a short-term line in favor of BGFIBANK Côte d’Ivoire (BGFIBANK CI) to partially refinance the 2022-2023 cocoa campaign in Côte d’Ivoire. This line is intended to finance the collection of 28,000 tons of cocoa for export and local processing.Transaction amount: 15 billion FCFA.

In addition, the Board of Directors approved:

  • Opening of the fourth credit line from KfW in favor of BOAD for financing micro, small and medium-sized enterprises (MSMEs) in the amount of 65.595 billion francs francs ;
  • Third reorganization of the terms of the BOAD loan to partially finance a telecommunications network project by Alpha Telecommunications Mali SA (ATEL MALI SA) in the Republic of Mali;
  • Reorganization of the terms of a BOAD loan to partially finance a four-star business hotel project called Azalai by Compagnie Hôtelière de la Lagune (CHL) SA in Abidjan, Côte d’Ivoire.

Closing the meeting, President Serge ECU, on behalf of the Board of Directors, thanked the authorities of Benin for the means taken to make this session possible in the best possible conditions.

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