BOAD finances mostly infrastructures, energy, and rural development projects

Economic governance

Thursday, 05 November 2020 15:58

BOAD finances mostly infrastructures, energy, and rural development projects

(Togo First) - More than 75% of the funds disbursed by the Banque Ouest Africaine de Développement (BOAD) go into road projects, access to energy, and rural development.

According to Serge Ekué, the new president of the bank dedicated to the member states of the West African Economic and Monetary Union (WAEMU), this is due to the “importance of these sectors on economic growth and social development.”

Energy, especially, is considered vital by the Bank for development in the WAEMU states. One of the recent initiatives of the BOAD in Togo’s power sector is a CFA25 billion investment to set up the Kékéli Efficient Power plant. The BOAD and Oragroup are financial co-arrangers of the project.

From 1976 to December 31, 2019, the BOAD disbursed CFA3,710 billion for the WAEMU states. Out of this amount, Togo secured CFA465 billion.

Séna Akoda

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