The Board of Directors of the West African Development Bank (WADB) met in person in Cotonou, Benin, for its 132nd ordinary session under the chairmanship of Serge EKUE, Chairman of the Board of Directors and President of the WADB.

At this meeting, the Board approved the project to strengthen the BOAD's capital base which consists of a capital increase of about US$900 million and an issue of hybrid securities of US$600 million. Furthermore, the Board approved the presentation note of the interim accounts of WADB as at June 30, 2022, and the statement of collection of receivables on loans of WADB as at August 31, 2022.

The directors also approved an emergency program in favor of member states and ten (10) new project financing proposals for a total amount of CFAF 349.5 billion. These new approvals bring to CFAF 7,067.6 billion the total commitments (all operations combined) of the WADB since the start of its operational activities in 1976.

The approved loans concern the partial financing of the following projects the establishment and operation of an integrated cotton processing unit by the Société des Textiles du Bénin (STB) in the Glo-Djigbe industrial zone in Benin for an amount of CFAF 10 billion; the establishment of an index-based crop insurance mechanism in the Republic of Côte d'Ivoire for cotton, oil palm and rice producers against yield losses due to climatic hazards. The amount of the operation is CFAF 10 billion; the construction of the Mékhé-Ndande section of the Dakar-Tivaouane-Saint Louis highway, in the Republic of Senegal, for CFAF 15 billion; the implementation of the unified and open platform of Urban Video Protection (UVP) in six (6) secondary cities and six (6) main stadiums in the Republic of Côte d'Ivoire at a cost of CFAF 15 billion.

Also, the transformation of the SOCOPAO quay into an oil wharf by PETROCI in the Republic of Côte d'Ivoire obtained a loan of CFAF 30 billion; the modernization and extension of the SBEE networks (ProMER) in the Republic of Benin at CFAF 27 billion.nin for CFAF 27 billion; the partial guarantee of a short-term facility granted by Banque Atlantique Côte d'Ivoire (BACI) to Compagnie Ivoirienne de l'Electricité (CIE) for CFAF 10 billion; the construction and equipping of the Virtual University in the Republic of Côte d'Ivoire.The construction and equipping of the Virtual University of Burkina Faso for CFAF 7.5 billion; the establishment of a refinancing line for the Banque de l'Union Côte d'Ivoire (BDU CI), as part of the program to revive the activities of WAEMU companies affected by the health crisis linked to the epidemic.the health crisis linked to Covid-19 for an amount of CFAF 10 billion; the setting up of a short-term line in favour of BGFIBANK Côte d'Ivoire (BGFIBANK CI), for the partial refinancing of the 2022-2023 cocoa campaign in Côte d'Ivoire at CFAF 15 billion.

Furthermore, the Board of Directors also approved : the setting up of a fourth line of credit from KfW in favour of BOAD for the financing of Micro, Small and Medium Enterprises (MSME) for an amount of CFAF 65.595 billion; a third readjustment of the conditions of the BOAD loan for the partial financing of the project for the creation of a telecommunications network by Sociétee Alpha Télécommunication Mali SA (ATEL MALI SA) in the Republic of Mali; the adjustment of the conditions of the BOAD loan for the partial financing of the project for the construction of a four-star business hotel in Mali.the adjustment of the terms of the BOAD loan for the partial financing of the construction project of a four-star business hotel called "Azalaï" by the Compagnie Hôtelière de la Lagune (CHL) SA in Abidjan, Côte d'Ivoire.