The Board of Directors of the West African Development Bank (BOAD) held its 95th ordinary meeting on 15 December 2014 in Cotonou, under the chairmanship of Mr. Christian Adovelande, President, Chairman of the Board of Directors.
Following the adoption of the minutes of its 94th Board meeting held on 24 September 2014 in Lomé, the Board considered and approved the 2014-2018 financial outlook update as well as the 2015-2017 programme-budgeting.
The financial outlook update sets out the volume of activities per sector, estimates the financial resources required to cover commitments, and defines the intervention conditions of the Bank.
Over the 2015-2018 period, BOAD intends to approve long or medium-term loans in an amount of XOF1,100 billion, excluding the Energy Development Fund (FDE), established by the WAEMU and managed by BOAD.
The business volume projected during this five-year period includes XOF217 billion for short-term credit facilities, XOF48.9 billion for equity investments and XOF20 billion for guarantees. A special focus will be placed on the search for co-funding, financing arrangements and promotion of public-private partnerships.
Resource mobilization will be one of the key priorities in order for the institution to better support member countries in their development drive.
By 2018, the Bank should mobilize borrowings and own resources involving at least XOF1,500 billion. In this connection, BOAD plans to resort to the regional capital market to raise about XOF725 billion over the next four years, as well as a borrowing involving XOF250 billion in the international capital market.
The preparation of this financial outlook update took place in a context marked by the adoption in last September of a new strategic plan for 2015-2019, with the objective of making BOAD “a solid development bank for economic integration and transformation in West Africa”. This vision is outlined in four major directions :
-Accelerating regional integration through continued infrastructure financing;
-Supporting inclusive growth, food security and sustainable development;
-Supporting businesses and governments and developing financial engineering and services;
-Deepening the resource mobilization process.
The 2015-2017 programme-budgeting adopted by the Board was prepared in line with the guidelines set forth in the strategic plan and the financial outlook update.
Besides, the Board approved four loan proposals involving a total amount of XOF44 billion:
-Development of 8,000 ha of land at Kandara in the Djenné area (Mali). This project is part of the irrigation scheme implemented in the Bani Basin area and at Sélingué. Amount: XOF10 billion.
-Sewage treatment and drainage of storm waters in the township of Fatick (Senegal). Amount: XOF9 billion.
-Planning and asphalting of the Adzopé-Yakassé Attobrou road (Côte d’Ivoire). Amount: XOF10 billion.
-Street paving and sanitation in the townships of Bembéréké, Bonou, Bopa, Dogbo, Ifangni, Kalalé, Karimama, Tanguiéta, Zakpota and Zè (Benin). Amount: XOF15 billion.
These new loans brought the aggregate amount of loans granted by BOAD to XOF3,181.12 billion, excluding short-term credit facilities and equity investments, equating to 726 projects.
The Board also approved proposals in connection with the following items:
-Equity investment by BOAD in the capital increase of ORABANK Côte d’Ivoire. Involving XOF10.395 billion, this operation brought the Bank’s interests in the share capital to XOF16.995 billion, representing 45.32% of the capital of the Ivorian bank;
-Granting of a second line of credit to BOAD by China Development Bank (CDB). In a total amount of €100 million, this facility will be split into two tranches.
Thereafter, the Board of Directors delivered a favourable opinion on the situational report and prospects for the reorganization of BRS Group and the statement of recovery of BOAD loans as at 30 November 2014. Furthermore, it took cognizance of the following items: the minutes of the 19th meeting of BOAD Audit Committee; the progress report on the implementation of BOAD’s IT blueprint; the summary note on ex-post performance evaluations; the implementation of the Council of Ministers’ decision on providing resources to BOAD as part of the initial appropriation to the Energy Development Fund (FDE); the summary of lessons drawn and recommendations of the qualitative socio-economic impact assessment of seven irrigation schemes; the minutes of the ordinary meeting of the WAMU Council of Ministers held on 24-25 September 2014 in Lomé.
In closing the meeting, Chairman Christian Adovelande thanked, on behalf of the Board, the Beninese authorities for the warm and fraternal welcome extended to Directors and the material and organizational arrangements that facilitated the organization of this meeting under congenial conditions.
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