Chinese bank to lend West African Development Bank $125m

LOME -- The West African Development Bank (BOAD) is set to receive a loan of 100 million euros ($125 million) from the China Development Bank, a source from the regional bank's headquarters in Lome said on Tuesday.

BOAD is a financial institution for the eight West African nations that make up the West African Economic and Monetary Union (UEMOA).

The credit line was approved by BOAD administrators during the bank's administration council's 95th ordinary session held on Monday.

In 2011, the same Chinese bank gave BOAD a credit line of 60 million euros to fund private sector activities in the UEMOA member states.

During Monday's meeting, the regional bank approved loans totalling to $84 million to fund projects in Mali, Senegal, Cote d'Ivoire and Benin.

UEMOA member states include Benin, Burkina Faso, Cote d'Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo.