The Board of Directors of the West African Development Bank (BOAD) at the bank’s 94th ordinary meeting held on Tuesday, September 23, 2014 in Lomé, approved seven operations involving a total amount of FCFA30.340 billion, bringing the aggregate amount of medium-term and long-term financing to FCFA3,140.3 billion for 721 projects. A new short-term loan of FCFA27 billion brought the cumulative amount of short-term financing to FCFA174.1 billion.The meeting chaired by Mr Christian Adovelande, the President and Chairman of the Board of Directors, following the adoption of the minutes of its 93rd Board meeting held on 24 June 2014 in Dakar, considered and approved the General Directives for updating the 2014-2018 financial outlook and preparation of the BOAD’s 2015-2017 programme budget.[eap_ad_2]
The loan proposals approved by the Board covers projects such as: Partial funding of a support project to aid Compagnie nationale d’assurance agricole du Sénégal (national agriculture insurance provider in Senegal) with the implementation of a crop insurance product for cotton and corn crops (PA-CNAAS), aimed at reducing vulnerability of cotton and corn producers by offering them an insurance product that covers several phases of production. This should help grant input credit of FCFA22 billion to a total of 40,000 producers with a loan amount of FCFA1.09 billion.
The second project is the partial funding of a support project to aid Assurance mutuelle agricole du Bénin (agriculture insurance provider in Benin) with the implementation of a crop insurance product for cotton and rice crops (PA-AMAB). This project will help provide crop insurance policies for the 2015-2016 and 2016-2017 cotton harvests to all 350,000 cotton producers and 1,000 rice producers located in Benin with a loan amount of FCFA1.089 billion.
Other projects include, partial funding of the road-paving and sewerage project in various towns in Benin to improve traffic flow and halving prevalence rate of sanitary related diseases; partial funding of cocoa bean processing expansion project in Côte d’Ivoire, and short-term facility to the Government of Benin for the partial funding of the 2014-2015 cotton harvest.
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