The Board of Directors of the Development Bank of Central African States (BDEAC) validated, on July 10, the intervention strategy document for the Republic of Congo. This support targets only projects with a high economic impact of the National Development Plan (PND) 2018-2022.
The document constitutes a frame of reference for BDEAC interventions in the Congo for the next three years. Since last year, the two parties have been holding discussions on financing the construction of a mineral port, the rehabilitation of the Congo Ocean Railway and the erection of the Sounda dam in the Kouilou department. The objective is to boost the diversification of the Congolese economy, by promoting the dynamics of the private sector and the creation of jobs.
As a result, Congo was selected from among the beneficiaries of the thirteen project financing proposals approved at the end of the BDEAC board of directors held by videoconference on July 10. These projects include the health, water and sanitation, agro-industry, transport and finance sectors. “Regarding the intervention strategy document for the Congo, this is a roadmap specific to this country. This document has been validated by the bank and the Congolese government so that the bank’s interventions are visible and predictable, “said the president of the BDEAC, Fortunato Mbo Nchama.
The members of the Board of Directors also discussed the financial situation of the bank in the context of a health crisis due to the coronavirus. “The BDEAC is doing well,” assured Fortunato Mbo Nchama. The bank’s key indicators are on the rise, with a profit of 15.2 billion FCFA in 2019, against 11.5 billion FCFA a year earlier, an increase of 32%; net banking income up 4%; the total balance sheet stands at 459.8 billion FCFA against 428.6 billion FCFA at the end of the previous financial year, an increase of 7%.
The community financial institution, which wants to be a benchmark partner for human development and regional integration in Central Africa, intends to play its part in the management of the post-Covid-19. From the start of the pandemic, it reacted by disbursing an envelope of 3 billion FCFA to support member countries in the health fight. “The bank will be forced to review the timetables for carrying out certain projects and the postponement of loan repayment deadlines,” insisted the bank boss.
The council approved an envelope of 155 billion FCFA, that is 90 billion FCFA intended for the fight against the pandemic and its economic effects and 65 billion FCFA for the financing of the development projects. Note that the decisions adopted during this board of directors will be submitted to the bank’s general meeting scheduled for July 13.
