Tuesday, 24 February 2015

BOAD is raising XOF115 billion to support the 2014-2015 cotton season in Benin

BOAD is raising XOF115 billion to support the 2014-2015 cotton season in BeninFor the third consecutive year, the West African Development Bank (BOAD) in its capacity as Arranger, is raising funds to support the cotton season in Benin. The Agreement relating thereto was signed by and between Mr. Christian Adovelande, President of BOAD and the Managing Director of the Office national de soutien des revenus agricoles (National office for farm income support) (Borrower) and the Managers of local banks involved in the transaction.

This Agreement was signed as part of the mandate on technical and financial assistance entrusted to BOAD by the Government of Benin in February 2014 with the aim of mobilizing funds for the 2014-2015 cotton season. BOAD succeeded in rallying around itself local banks to raise a facility of XOF115 billion, to which the local banking system contributed to the tune of 79%. Members of the banking pool include ECOBANK (Agent Bank), BOA, Banque Atlantique, BGFI, Diamond Bank, BSIC and UBA. In addition to its role as an arranger, BOAD provides financing in an amount of XOF25 billion to this operation. Read More...

0 comments :

Post a Comment