Lome, 30 August 2021. Mr. Serge Ekue, President of the West African Development Bank (BOAD), and Dr. Sidi Ould Tah, Director General of the Arab Bank for Economic Development in Africa (BADEA) signed, by videoconference, an agreement under which BADEA grants a US$50 million loan (or XOF32.797 billion) to BOAD for funding short-term operations in the WAEMU member countries.
This is the fourth loan agreement between both institutions. Prior to this agreement, BOAD received in 2013 and later in 2018, three loans totalling US$10 million, US$30 million and US$15 million respectively, which were fully utilized for the refinancing of many private sector projects, short-term credit facilities and the funding of imports from Arab countries.
While commending the excellent cooperation relations between BOAD and BADEA, Mr. Serge Ekue affirmed that his institution will implement this agreement in a timely manner and with due regard to contractual provisions.