POST Online Media Lite Edition



 

West African Development Bank to receive $125 million

Staff writer |
The West African Development Bank (BOAD) is set to receive a loan of 100 million euros ($125 million) from the China Development Bank, a source from the regional bank's headquarters in Lome said.

Article continues below






BOAD is a financial institution for the eight West African nations that make up the West African Economic and Monetary Union (UEMOA).

The credit line was approved by BOAD administrators during the bank's administration council's 95th ordinary session held.

In 2011, the same Chinese bank gave BOAD a credit line of 60 million euros to fund private sector activities in the UEMOA member states.

During Monday's meeting, the regional bank approved loans totalling to $84 million to fund projects in Mali, Senegal, Cote d'Ivoire and Benin.

UEMOA member states include Benin, Burkina Faso, Cote d'Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo.


What to read next

ADB giving 900 million euros loan to Algeria
Eritrea and ADB to finance two $41 million projects
Kenya urges Africa to strengthen insurance firms to boost trade