ECOWAS: BOAD recorded a profit of 8.4 billion FCFA in 2014

Christian-Adovelande-veut-repousser-les-frontieres-de-l-exclusion_ng_image_fullThe Board of Directors of the West African Development Bank (BOAD) held this week its 96th ordinary session chaired by Mr. Christian Adovelande, Chairman of the Board, and President of the BOAD.

After adopting the minutes of its 95th meeting held in December 15th, 2014 in Cotonou, the Council considered and approved a number of issues, including the accounts of the BOAD for the year ended 31st December 2014. The institution has recorded a profit of 8, 399 billion FCFA against 10 872 billion CFA francs in the previous year. The observed decrease is mainly due to the potential foreign exchange loss recorded on outstanding foreign currency debt.

It should be noted that during 2014, the Board of WAEMU Ministers decided to integrate the capital of BOAD, by gift, the initial endowment of the Energy Development Fund (EDF) to 250 billion FCFA. This decision allowed will increased to 619 billion FCFA equity at 31st December 2014 of the Institution, thus expanding its capital base.

Furthermore, the Board of Directors approved loan proposals of medium and long terms totaling 109 billion FCFA and 4 short term loan proposals totaling 17.4 billion FCFA. These new funds are to 3 293.3 billion CFA francs the total amount of long and medium-term financing BOAD for EDF, corresponding to 736 projects. The cumulative amount of short-term financing is raised, it at 191.5 billion FCFA.

About Khalid Al Mouahidi 3409 Articles
Khalid Al Mouahidi : A binational from the US and Morocco, Khalid El Mouahidi has worked for several american companies in the Maghreb Region and is currently based in Casablanca, where he is doing consulting jobs for major international companies . Khalid writes analytical pieces about economic ties between the Maghreb and the Mena Region, where he has an extensive network