The West African Bank of Development (BOAD) has approved 61.4 billion FCFA (123 million U.S. dollars) for about 10 projects in the member countries of the Economic and Monetary Union of West African (UEMOA) countries.
At the end of the 74th session of the BOAD's administration council held in Lome on Tuesday, the regional financial institution approved the projects in its budget for 2010 and the financial prospects for the 2009-2013 period.
The approval has brought the number of the BOAD-funded projects to 32 in 2009 with a combined investment of 227.8 billion FCFA (456 million dollars). Since its creation, the institution has provided a total of 141,1.842 billion FCFA (25.7 billion dollars) to 505 projects in the region.
The newly approved projects concern mainly road infrastructure, telecommunications, food security and insurance.
In the sector of insurance, the BOAD proposed to sign an accord of 3 billion FCFA (6 million dollars) in support of the Diamond Bank of Benin and to adopt a mechanism of sharing risks with the financial partners.
The council also looked at the possibility of an UEMOA-financed market, the launch of the first African communication satellite by Rascom Star Qaf (RSQ) and a project for sustainable energy production in the region.
The BOAD is a financial institution of the UEMOA which comprises Benin, Burkina Faso, Cote d'Ivoire, Mali, Niger, Senegal, Guinea-Bissau and Togo.
Source: Xinhua
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