The West African Development Bank (BOAD) on Wednesday said its Board of Directors approved 228 billion CFA francs (about 391 million U.S. dollars) to the economies of member states of the West African Monetary Union (WAEMU).

The financial package was approved during the 117th ordinary session of the Board of Directors that was held through a video conference, a statement from the headquarters of the bank in Lome said.

It comprises 128 billion CFA francs for eight development projects in Mali, Cote d’lvoire, Niger, Togo, Benin and Senegal, as well as 100 billion CFA of refinancing for lending insitutions in the WAEMU framework.

To date, these operations brought BOAD’s total commitments to 6.2 trillion CFA francs, the statement said.

The approved funding includes 5 billion CFA francs for irrigation programme in Mali, 47.5 billion CFA francs for road and electric power projects in Cote d’lvoire and 15 billion CFA francs for a road in Niger.

They also include 15 billion CFA funding for a cross-border electric power project between Benin and Togo, 25 billion CFA francs to help Togo clear its electric power linked debt, 20.5 billion CFA francs for hotel and sports complex construction as well as agricultural projects in Senegal.

The BOAD is a development finance institution for member states of the WAEMU which has eight member states: Benin, Burkina Faso, Cote d’lvoire, Guinea Bissau, Mali, Niger, Senegal and Togo.

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