The President of the West African Development Bank (BOAD), Serge Ekue held a virtual press conference on Wednesday reporting on his results after the first six months at the head of the Institution. An opportunity to discuss the development issues and challenges of the Member States and the bank's commitments for the next five years.

From September 2020 to the end of March 2021, a major wave of projects and reforms was launched and materialized by the new president Serge Ekue. During this period, the Bank granted the economies of the Union an overall volume of financing amounting to CFAF 256.1 billion (EUR 390 million) for 24 projects in the finance and insurance sectors (38, 2%) transport, energy and sanitation infrastructure (35.8%), health and education (12.1%), industry (7.8%) as well as agriculture and rural development (6.1%).
The institution has distinguished itself by carrying out the first bond loan with a sustainable development objective ever carried out in Africa. An ambitious operation reflecting the new dynamic of the Institution and which made it possible to raise 750 million euros intended to finance projects with a strong social and environmental impact.
300 billion FCFA for WAEMU countries
In response to the coronavirus pandemic, the institution implemented two programs for a cumulative amount of XAF300 billion under various partnerships with BCEAO, the WAEMU Commission, and AFD. These programs were stopped as soon as the first impacts of the Pandemic appeared in the first half of 2020. Funds mobilized and intended to support State emergency plans but also private sector companies, strongly affected by the pandemic.
Improving essential services to human beings
The Bank's priority challenges are those relating to the improvement of essential services to human beings, in particular access to drinking water, electricity, population growth, health and education, climate and climate change. environment, etc. To deal with it, investments of the order of 19,000 billion FCFA will be necessary each year. The Bank therefore aims to intensify its support for the benefit of its Member States through an offer of financing and appropriate financial advice.
As part of its Djoliba 2021-2025 strategic plan, the Bank's interventions will be carried out mainly in the five priority sectors, namely agriculture and food security, renewable energies, basic infrastructure, health, education and social housing. “The Bank thus undertakes to grant a volume of financing of approximately 3,300 billion FCFA (5.03 billion euros) of which at least ¼ to support the development of the private sector; an increase of around 50% compared to the financing put in place during the previous Plan”, Serge Ekue specified.
The bank wants to double its capital
These 180 days of management by the new President have enabled the Bank to continue its reflection on the strengthening of its capital in order to preserve its “investment grade” rating and increase its capacity to mobilize resources on the international financial market. However, it announces that it will double its capital to better invest in priority sectors. "We plan to double the capital of the Bank through the structuring of a capital increase operation in which the Member States and the BCEAO will remain the reference shareholders, but with a possible entry into the capital of strategic partners rated AA or +” declared Serge Ekue, President of BOAD.
Recall that the West African Development Bank is the development financing institution of the member states of the West African Economic and Monetary Union (UEMOA). It is rated 'Baa1' with a stable outlook by Moody's and 'BBB' with a stable outlook by Fitch.