BOAD approves CFA200 billion for rapid emergency actions

Economic governance
Thursday, 22 September 2022 16:19
BOAD approves CFA200 billion for rapid emergency actions

(Togo First) - The West African Development Bank (BOAD) greenlit the disbursement of CFA200 billion for an emergency rapid impact program for its member countries. It did so on September 20, 2022, during a board meeting.

SONGTAAGBA 2022-2024 is the name of the program on which the funds will be spent (“Songtaaba” is a Moré word meaning “help in difficult times”). The program, according to the BOAD, aims to improve the living standards of WAEMU populations and make the region more resilient to current shocks.

This involves "contributing to the implementation of the National Crisis Response Plans (NRP) and the G5 Sahel Emergency Development Program (UDP).

The recently-approved facility will also help WAEMU States “quickly” make funds available, in one or more installments, to deal with urgent issues; issues such as food deficit, re-enrolment, and poor access to basic health. 

The financing comes in a context where the people of the region have to deal with more inflation and insecurity. There is also the global hike in oil prices which reduced the purchasing power of people. In this regard, Togo and many other States recently announced several social measures to alleviate these pressures.

Including this latest financing, the BOAD’s commitments since it launched in 1976 now exceed 7,000 billion CFA (across all its operations). 

Besides the BOAD’s recent financing, Togo approved, a few days ago, 10 financing projects.

Ayi Renaud Dossavi

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