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(Ecofin Agency) – The West African Development Bank (WADB), steady in its mission to stimulate West African economies, approved CFAF182 billion in financing for 11 projects. This new commitment reinforces its crucial role in boosting infrastructure and improving living conditions in the region.
At its 136th ordinary session recently, the WADB Board of Directors, chaired by Serge Ekué (photo), approved a whopping CFAF182 billion ($302.5 million) to finance various projects in West Africa. This envelope included, the WADB has committed CFAF7,835.02 billion in the region since its launch in 1976.
This time, in Mali, WADB approved refinancing lines for agriculture bank BNDA. The lines, totaling CFAF15 billion, aim to support micro, small, and medium-sized enterprises (MSMEs) and develop off-grid solar electrification.
In Côte d’Ivoire, a CFAF10 billion short-term loan will be granted to cocoa processor Ivory Cocoa Products (ICP) SA to partially finance the 2023-2024 cocoa season. In addition, the construction and operation of a 4-star hotel, the “Golden Tulip Akwaba”, by Société de Patrimoine et de Gestion (SPG) Akwaba SA will be financed to the tune of CFAF9.2 billion.
CFAF19 billion has been committed to the digitization of the management of public finances in Burkina Faso. The project aims to dematerialize management procedures and administrative formalities and guarantee good governance and transparency in public finance management. In addition, a short-term loan of CFAF20 billion was granted to oil company Société nationale burkinabè d’hydrocarbures (SONABHY) to partially finance its operating needs.
In Niger, two projects were also financed. The first, worth CFAF20 billion, involves the development of the Medical and Health Research Center and the reinforcement of reference health infrastructures in Niamey. The second, also worth CFAF20 billion is for the construction and equipment of school infrastructure.
The board also approved CFAF28 billion to finance the development of agriculture infrastructure and open up the lower and middle Ouémé valley, in Benin.
Meanwhile, in Senegal, CFAF30 billion will be injected into the development of urban roads in Arrondissement IV of the Diamniadio Urban Pole.
WADB has also decided to take a CFAF6.12 billion equity stake in the Infrastructure Acceleration Fund (IAF) of Africa 50, an AfDB subsidiary, to help reduce the infrastructure deficit and carbon emissions in Africa.
Fiacre E. Kakpo
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