WAEMU: BOAD to bring more support to agricultural businesses

Aug 23, 2011

Companies in the private sector of the West African Economic and Monetary Union (WAEMU) should soon benefit from more financing and guaranties from the West African Development Bank (BOAD).

Companies in the private sector of the West African Economic and Monetary Union (WAEMU) should soon benefit from more financing and guaranties from the West African Development Bank (BOAD).

The institution has just received €60 million from the China Development Bank in order to contribute to the financing of the private sector within WAEMU.

BOAD Director Christian Adovelande explained these funds will help businesses and their financing needs for projects in the energy, transport, infrastructure and agricultural sectors, as well as strengthen competition, APA news agency reports.

In addition, the bank is considering the introduction of a "crop-insurance" in the WAEMU region for 2011/13.

According to Christian Adovelande, quoted by Afrique7 newspaper, this insurance will "facilitate access to credit, improve crops by stimulating the purchase of quality supplies and promote the diversification of cultivated land and the increase in production yields".

He added that it should also boost the purchasing power of businesses and could increase credit to enterprises thanks to a growth in the guaranties granted to producers.
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