This decision, made during the bank’s 142nd Board of Directors meeting, reinforces BOAD’s dedication to fostering economic and social progress in West Africa.
With these new approvals, BOAD’s total financial commitments since its inception in 1976 now exceed CFA8,723 billion (over $16.4 billion), highlighting its vital role in West Africa’s financial landscape. A CFA10 billion (over $18 million) refinancing line was granted to BSIC CI to boost medium-term lending for small and medium-sized enterprises (SMEs) in Côte d’Ivoire, promoting national economic growth.
Additionally, a CFA5 billion (over $9 million) commitment to the IPAE 3 fund will support 15-17 SMEs across sub-Saharan Africa, creating or maintaining an estimated 5,000 jobs. A CFA9.839 billion (over $18 million) investment from BOAD contributes to the AGIA Project Development Fund, aiming to bridge Africa’s infrastructure gap.
This ambitious project envisions financing 100 projects, installing over 1,160 megawatts of renewable energy, and reducing annual CO2 emissions by more than 3.5 million tonnes. A CFA30 billion (over $55 million) grant supports the second phase of Togo’s Agri-Food Processing Project, benefiting 800,000 people, half of whom are women, and improving access to water and electricity for 20,000 residents.
A CFA25 billion (over $46 million) allocation to Senegal’s Water Valorisation for Value Chain Development Project aims to create 50,000 jobs, with a focus on women and youth. A CFA30 billion (over $55 million) investment targets the development of a key road in Togo, expected to create over 4,200 jobs and improve road safety.
BOAD approved financing for a photovoltaic solar power plant in Côte d’Ivoire (CFA15.5 billion – over $29 million) and an LPG storage terminal in Senegal (CFA7 billion – over $13 million) to enhance clean energy access and reduce greenhouse gas emissions.
A CFA30 billion (over $55 million) grant will fund the construction of three technical vocational high schools in Benin. This project aims to train 1,800 young people annually and facilitate job placement for 18,000 graduates by 2050.
By approving these diverse projects, BOAD demonstrates its commitment to a comprehensive development strategy for West Africa, encompassing economic growth, infrastructure development, environmental sustainability, and human capital investment.
ARD/ac/fss/abj/APA