In over 47 years of existence, BOAD has invested about €9 billion across the WAEMU

Economic governance
Monday, 01 June 2020 09:18
In over 47 years of existence, BOAD has invested about €9 billion across the WAEMU

(Togo First) - Since its creation in 1973, the West African Development Bank (BOAD) has supported more than 1,200 projects initiated by the WAEMU States and the private sector in the region. In the process, the bank has spent about €9 billion (more than XOF5,800 billion). 

In Togo alone, for example, the BOAD’s board has approved the construction of a 30 MWC photovoltaic power plant in Blitta, for an investment of XOF 7 billion. 

More recently, it injected XOF25 billion in the construction of the Kekeli Efficient Power combined-cycle thermal plant. Under the same project, the BOAD, alongside Oragroup, arranged the financing of the whole project; Totalling the sum of XOF65.4 billion, the funds were successfully secured from commercial and institutional lenders. 

In the past five years, the BOAD, according to its chairman, Christian Adovelande, “has secured from international investors over XOF1,400 billion (or €2.1 billion) in loans to finance its operations in its member States.”   

After adding climate issues and renewable energies to its investment priorities, the Bank was awarded the Investment Grade by rating agencies Moody’s and Fitch, a feat that should help it keep its partners’ trust. 

Séna Akoda

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