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African bank to finance eight projects in five countries

Xinhua, December 15, 2016 Adjust font size:

The West African development bank (BOAD) will finance 156 billion CFA Francs (250.5 million U.S. dollars) in development projects to five member states, said a release from the Headquarter based here in Lome on Wednesday.

According to the release, the financial institution has endorsed the financing during its 103rd ordinary session held in Bamako, Mali, on Wednesday.

The funding will go toward eight development projects in Benin, Cote d'Ivoire, Niger, Senegal and Burkina Faso.

The board has also examined and approved the financial outlook 2016-2020 of the bank, an implementation project of a new model of loan pricing and BOAD's program-budget for 2017-2019.

"The new operations lift to 522.3 billion CFA Francs, about 838.807 million U.S. dollars, the total of BOAD commitments for the year 2016," the release said.

Meanwhile, the cumulative commitments since the bank began operational activities in 1976 now stand at 4,340.1 billion CFA Francs, about 6.97 billion U.S. dollars, for 1,036 operations.

Furthermore, the Bank's board has approved, inter alia, the establishment of an 80-million-euro (83.8-million-U.S. dollar) credit line by the German Bank KfW to support small- and medium-sized enterprises within the West African Economic and Monetary Union. Endi