The West African Development Bank (BOAD) announced a significant boost to regional development, disbursing over CFA700 billion (over $1.3 billion) in the first half of 2024. This figure, revealed during the bank’s 142nd Board session, reflects a strong commitment to supporting member states within the West African Economic and Monetary Union (WAEMU).
“Our mid-term review indicates that we’ve granted nearly CFA712.7 billion in financing thus far,” stated BOAD President Serge Ekue. “This represents an impressive execution rate of almost 86% of our annual plan.” Ekue elaborated that “64% of these loans were allocated directly to WAEMU states, with an additional 7% directed towards public enterprises.”
Looking ahead, BOAD aims to increase its mobilization of concessional funds. These funds, provided on favorable terms, are crucial for supporting long-term development projects across the region.
“While this mid-term review is positive,” Ekue acknowledged, “we need to redouble our efforts in securing resources, particularly concessional and pre-concessional funds. This will allow us to better meet the needs and expectations of our member states and their citizens.”
The bank’s commitment was further demonstrated by a recent CFA60 billion ($112 million) allocation to Togo. These funds will support two key projects: the Agropoles initiative and the development of a vital transportation artery, the Tchaasémondè-Gandé-Agbang road. This disbursement is part of a larger CFA162 billion ($304 million) package newly designated for WAEMU development projects.
