Live from Lomé: BOAD, 45 years later

The West African Development Bank (BOAD) is celebrating its 45th anniversary. The festivities that began on November 14, 2018 in Lome in the presence of President Alassane Ouattara of Côte d’Ivoire and the Prime Minister of Togo, representing President Faure Gnassingbe, include a forum on « Solar Energy in WAEMU, State of play, issues and prospects « .

The choice of this theme expresses the growing strength of the financing of renewable energy projects in the portfolio of the development bank, one of the first African institutions approved by the Green Climate Fund. In 45 years, the activities of the West African bank have positively impacted 110 million people in the WAEMU space.

 

11: 52 minutes. Address by President Alassane Ouattara of Côte d’Ivoire.

« … I congratulate the women and men who made the history of this institution, » says the Ivorian president, citing the successive presidents. Since its creation, BOAD has granted financing for more than 4 915 billion CFA francs. It is partly thanks to the BOAD that the third bridge of Abidjan was completed, reminds Alassane Ouattara. And to address the theme of the day, returning to the potential of UEMOA and, among others, the downward trend in costs of KWH. Côte d’Ivoire is a net exporter of electricity to 6 countries in the sub-region. « We are now at 2250 MW with a target of 4000 MW in 2020, » continues Ouattara, a retailer of electricity inclusion programs. « In 2025, the entire Ivory Coast, without exception, will be electrified, » says the one who is also the president of the conference of heads of state of UEMOA.

 

11: 35 minutes: Speech by Romuald Wadagni, Minister of Finance of Benin and Chairman of the UEMOA Finance Ministers Council

The Beninese Minister of Finance recalls the challenge of BOAD: increase its volume of funding and the lowest costs. He suggests using the IDA lines, taking advantage of the World Bank triple A rating, to mobilize long-term financing at low rates of around 2%. The minister asks BOAD to take into account local content and technology transfer.

11: 25 minutes: speech by Tiémoko Meyliet Koné, governor of the BCEAO

The governor of the BCEAO recalls the context of the creation of the BOAD in 1973 as part of the reform of the monetary cooperation of the WAEMU member states. Over the years, the BCEAO has played its role as a major shareholder (holding 46.1% of the capital) of the BOAD, by granting him refinancing possibilities. To meet its challenge, BOAD must continue to innovate, said the governor of the BCEAO.

 

 

11:16: speech by Abdallah Boureima, president of the UEMOA Commission

Thermal represents more than two-thirds of our fleet, making our electricity one of the most expensive in the world, said Abdallah Boureima, calling on the EU Member States to continue the energy transition. « We need to promote clean energy. The potential of the region is important, with more than 3000 hours of solar radiation per year.

 

11:07 minutes, beginning of the speech by Christian Avolande, president of BOAD.

In his speech read to the two heads of state, the president of the West African Development Bank, Christian Avolande, returned to the main stages of the institution since its creation in 1973, including the advances over the period 2013-2018. « The institution has granted 2130 billion FCFA of financing over the last five years ». During the five-year period, the bank obtained accreditation from three key climate finance institutions: the Adaptation Fund, the Global Environment Fund and the Green Climate Fund. The BOAD wishes for the next years to register its action in the field of renewable energies.

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