Wednesday 28 June 2017

BOAD approves new financing worth CFAF138bn

BOAD approves new financing worth CFAF138bn
(APA 03/23/17)
BOAD approves new financing worth CFAF138bn

The Board of Directors of the West African Development Bank (BOAD), has approved new financings estimated at nearly CFA138 billion, a statement from the financial institution seen by APA on Thursday suggests.
The board made the decision during its 104th regular session in Dakar, Senegal on Wednesday.

"After approving the report of its 103rd meeting held in Bamako, Mali on 14 December 2016, the Board approved BOAD's accounts for the year ended December 31, 2016, submitted for the approval of the Council of Ministers of the West African Monetary Union (UMOA). It also approved 13 new financing valued at CFA 137.75 billion, bringing the total amount of BOAD's commitments since the start of its operational activities in 1976 to CFA 4 547.15 billion distributed to 1060 operations", the statement added.

It stressed that the Board also approved the partial funding of other projects, including the development of 3,308 hectares of Compartments I and II in the East-San plain in Mali and strengthening the resilience of agriculture to climate change through modern irrigation techniques in Niger.

The latter project involves the development of 1,000 hectares for vegetable farming, which will be converted into units of 1 to 5 hectares equipped with solar photovoltaic kits for the supply of energy to the irrigation system, to the tune of CFA 10 billion.

The BOAD Board of Directors also authorized the establishment of a subordinated loan and a refinancing line for ORABANK Cote d'Ivoire (ORABANK CI).

The cumulative amount of the two operations is estimated at CFA 20 billion.

The directors also approved a proposal to review BOAD's Articles of Association, its 2016 annual report and progress on its loan payment as from 28 February 2017.

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