BOAD seals €350 million financing deal with Société Génerale and JP Morgan

Economic governance
Friday, 02 October 2020 14:02
BOAD seals €350 million financing deal with Société Génerale and JP Morgan

(Togo First) - The BOAD will soon get about €350 million (nearly CFA230 billion) from Société Générale and JP Morgan. The funds guaranteed by the World Bank’s Multilateral Investment Guarantee Agency (MIGA) will support the BOAD’s 2021-2025 strategic plan. 

In detail, out of the amount, around €200 million will go to the WAEMU’s public sector and the rest (€150 million) will be injected into the private sector.

Regarding the financing the public sector will get, half of the sum will refinance concessional loans provided by the BOAD while the other half will be used to fund new projects. Financial support to the private sector will go to SMEs via refinancing lines provided to commercial banks, and short and medium-term projects 

Let’s note that besides JP Morgan and Société Générale, the BOAD should also get €50 million from the OPEC fund. The money will be used to finance the Bank’s series of short term projects, notably in refinancing lines and agricultural campaigns. 

Ayi Renaud Dossavi

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