During the 144th Board of Directors of BOAD held on December 18, 20024 in Lomé, the West African Development Bank (BOAD) approved 9 new operations bringing to 932.631 billion FCFA, the overall envelope of the institution’s commitments for the year 2024. The council, meeting in hybrid format at the headquarters of the institution for its last meeting counting for the 2024 financial year, under the chairmanship of Mr. Serge EKUE, Chairman of the Board of Directors, President of BOAD, approved the minutes of the 143rd meeting, held on September 20, 2024 in Lomé (Togo) by videoconference. In addition, the Council approved the interim accounts as of September 30, 2024, approved the Updated Financial Outlook 2025-2029 and the draft program budget 2025-2027 of BOAD.
The meeting also gave a favorable opinion on the state of recovery of the institution’s loan receivables as of November 30, 2024, the proposal for the creation of a Corporate Foundation by BOAD and the results of the call for proposals. offers for the selection of the Bank’s Audit Office for the financial years 2025 to 2027 inclusive.
Furthermore, the directors approved nine (09) new operations for a total amount of 171.363 billion FCFA, bringing the total amount of commitments for the year 2024 to 932.631 billion FCFA and, to 9,079.3 billion FCFA on total commitments of BOAD (all operations combined), since the start of its operational activities in 1976.
The approved loans concern the partial financing of the projects, below:
- BOAD’s participation in the capital increase of BOAD TITRISATION in Togo.
This operation will, on the one hand, strengthen the company’s own funds in order to enable it to comply with the legal requirements in terms of minimum own funds set by OHADA and by the UMOA Financial Markets Authority (AMF- UMOA) and, on the other hand, to relaunch the activities of BOAD TITRISATION through the execution of its 2022-2027 Strategic Plan.
Amount of the operation: 800 million FCFA.
- BOAD takes a stake in the share capital of BOAD Market Solutions, in Ivory Coast.
The objective is to create a versatile financial services entity to offer innovative financing alternatives as well as advisory services to financial players in the sub-region. The creation of this entity will also make it possible to promote a market for derivatives and other structured products within the UEMOA.
Amount of the operation: 2.3 billion FCFA.
- BOAD’s participation in the capital increase of Air Côte d’Ivoire
This participation of the Bank in the 4th increase in the share capital of the company Air Côte d’Ivoire aims to strengthen the stable resources of the company to enable it to finance its investments and regularize its equity.
Amount of the operation: 4.763 billion FCFA.
- Emergency project to reconstitute food security stocks and strengthen local rice processing in Niger
This project aims, among other things, to improve the availability of local white rice and reduce imports on the national market; promote the development of the national rice sector and contribute to reducing distortions in the cereal market at the national level.
Amount of the operation: 29 billion FCFA.
Projected impacts: strengthening the resilience of at least 1.5 million vulnerable people, v 74,000 tonnes of paddy rice collected and processed, 14,000 local cereals collected to replenish security stocks and around 1,000 direct jobs created.
- Operation to develop irrigated areas and lowlands for agricultural production in Burkina Faso
The development of 175 ha of lowlands in free submersion and 2020 ha of irrigated areas with total water control for the production of rice, corn and market garden crops aims to contribute to strengthening food security and the promotion of sustainable development while intensifying agricultural, pastoral and fishery production.
Amount of the operation: 30 billion FCFA.
Projected impacts: 300,000 beneficiary households, 25,000 additional tonnes of paddy rice, increase in average income per household by 200%, 1,000 indirect jobs induced and 200 direct jobs created, 50% of which for women and 40% for young people.
- Construction and operation of an integrated animal feed production unit by the company EHUA Industries SA, in the industrial zone of Glo-Djigbé, Benin
The establishment of this soya crushing and animal feed production unit (poultry and livestock) with an annual capacity of 90,000 and 180,000 tonnes respectively aims to produce, in the cruising phase, 50,000 tonnes of meal. of soya and 150,000 tonnes of animal feed.
Amount of the operation: 4.5 billion FCFA.
Projected impacts: 150,000 tonnes of animal feed, approximately 2,500 direct, indirect and induced jobs.
- Extension of the unified video projection network and platform for the city of Dakar and its suburbs, in the Republic of Senegal
The densification of the video surveillance network in Dakar and its extension to peripheral municipalities through the deployment of 26 new secondary operations sites, including two in district command posts and 24 in urban police stations or municipal police stations, will contribute to the strengthening of safety in urban areas. The project includes, among other things, the implementation of new functionalities in order to have a modern and unified technological platform for video protection.
Amount of the operation: 30 billion FCFA.
Projected impacts: Increase the crime prevention rate to 80% in the city of Dakar and its region, ensure security coverage of at least 70% of sensitive areas, approximately 540 direct, indirect and induced jobs.
- Partial financing of the operating needs of the Société Nationale Burkinabé d’Hydrocarbures (SONABHY) for the importation and marketing of hydrocarbons in Burkina Faso
The granting of this short-term line with a view to contributing to the financing of the activity of importing and marketing of hydrocarbons at the national level, aims to strengthen the short-term financial resources of SONABHY to partially meet the needs of its customers through the import of approximately 250,000 M3 of liquid and gaseous hydrocarbons.
Amount of the operation: 30 billion FCFA.
- Construction of 4,300 social and economic housing units in Ivory Coast – Phase 2 of 1,200 housing units in Abidjan PK24, Ivory Coast
This operation will contribute to improving the living environment of the population and reducing poverty in Abidjan. More specifically, it will provide decent housing to vulnerable populations at affordable costs and promote new modes of access to housing for low-income households.
Amount of the operation: 40 billion FCFA.
Projected impacts: access to affordable housing for 4,300 households, and +1,100 direct, indirect and induced jobs.
- Rearrangement of the conditions of the BOAD loan for the partial financing of the renovation and extension project of Azalai Hôtel Indépendant de Ouagadougou by the Société Burkinabé de Protection Hôtelière (SBPH SA) in Burkina Faso.
The directors also approved:
- The establishment of a fifth credit line from KfW to BOAD intended to finance micro, small and medium-sized enterprises (MSMEs)
This competition intended to promote Micro, Small and Medium Enterprises (MSMEs), will be used to grant refinancing lines to the Union’s credit institutions (Banks, financial institutions of a banking nature and microfinance institutions) so that they grant loans to MSMEs.
Amount of the operation: 100 million euros or 65.595 billion FCFA.
- The granting of a loan and a grant from KfW intended for the establishment of the second phase of the Digital Transformation Fund in West Africa (FTD)
This operation will enable the Bank to respond to a significant extent to the problems linked to the financing of digital transformation in the Bank’s member states.
Amount of the operation: 13.5 million euros or 8.855 billion FCFA.
- The granting to BOAD of joint assistance from the Japanese International Cooperation Agency (JICA) and a consortium of commercial banks
This competition will be used to finance infrastructure, energy and agricultural projects.
Amount of the operation: 200 million euros or 131.19 billion FCFA.
Finally, the Council took note of the following files, listed for information:
- Minutes of the 48th meeting of the BOAD Audit Committee
- Information note relating to the conclusions resulting from the annual review of BOAD’s financial rating by international rating agencies
- Note relating to the Cotonou declaration on: “The new nomenclature of feasibility studies of climate projects and the mechanisms for contributing to the BOAD Climate Studies Fund”
- Note relating to the grant from the Green Climate Fund to BOAD for the Project “Financing Mechanism for Adaptation to Climate Change at the local level plus (LoCAL+) – West Africa (Burkina Faso, Ivory Coast, Mali and Niger)
Closing the work, the Chairman of the Board of Directors, Mr. Serge EKUE, thanked the Togolese authorities as well as all the technical teams for all the arrangements made to hold this session in the best conditions.
Mr. The President did not fail to salute the memory of the dearly departed who left us in 2024, namely that of the First President of BOAD, Mr. Pierre Claver DAMIBA, that of the Administrator of BOAD on behalf of the Republic of Guinea Bissau, Mr. Fernando Jorge Maria CORREIA and finally, that of the former Minister of Finance and Budget and former Administrator of BOAD for the Republic of Senegal, Mr. Mamadou Moustapha BA.
