At the beginning of the year, a EUR 25 million line was signed between OeEB and the Banque Ouest Africaine de Développement (BOAD). OeEB funds have now been allocated to various industrial and infrastructure projects in West Africa.
OeEB funds have now been employed to various projects such as the modernisation of a pharmaceutical producer in Benin, the construction of a cement plant in Niger, the rehabilitation of a sugar plant in Côte d'Ivoire, the construction of a brewery in Côte d'Ivoire, the rehabilitation of an airport in Côte d'Ivoire, and the construction of a five star hotel complex in Togo.
Gnékélé Gnassingbé, Director of the Cooperation and Resource Mobilisation Department at BOAD comments that "This first credit line extended to the BOAD by OeEB has been fully utilised to the benefit of projects implemented by private sector investors in the region of the West African Economic and Monetary Union. This type of cooperation has a direct impact on the economic and social fabric of the region, and as such, is actively sought by the BOAD. BOAD welcomes a new partner institution in its circle of established partners, and further calls for continued and enhanced cooperation."
Andrea Hagmann, Member of the Executive Board of OeEB states that "Via BOAD, OeEB is able to reach out to finance projects in Least Developed Countries such as Benin, Niger and Togo thereby contributing to economic development in these countries."