West African development bank Banque Ouest Africaine de Développment (BOAD) will provide funding of 116 million euros for projects in Guinea Bissau, the BOAD representative to Guinea Bissau said.
Following a meeting with the Guinean President, José Mário Vaz, at the Presidential Palace in Bissau, Kuame Armand said that the funding would be used to fund “ development activities,” in the agricultural, road infrastructure and electricity sectors and renewal of the port of Bissau.
Cited by Portuguese news agency Lusa the BOAD representative also said he had given assurances to the Guinean president that the projects and their funding had already been approved and that they would now move into the phase of execution.
BOAD, which is based in Lome, the capital of Togo, finances development projects in the eight countries that make up West African Economic and Monetary Union: Benin, Burkina-Faso, the Ivory Coast, Guinea Bissau, Mali, Niger, Senegal and Togo.
On Wednesday, José Mário Vaz received the national director of the Central Bank of West African States (BCEAO) who announced a loan of 22.8 million euros to pay delayed salaries to Guinea Bissau civil servants. (macauhub/GW)