Lomé: The West African Development Bank (BOAD) has announced plans to increase its financing for the energy and agriculture sectors, aiming to foster sustainable development within the West African Economic and Monetary Union (UEMOA). BOAD is hosting its inaugural “BOAD Development Days” event in Lomé, Togo, spanning Thursday and Friday, to discuss these initiatives.
According to Burkina Information Agency, BOAD President Serge Ekué, alongside his top associates, addressed the media at the bank’s headquarters on Wednesday. They highlighted the theme “Financing the energy transition and sustainable agriculture: challenges, opportunities, and solutions.” Ekué emphasized the critical role of energy, describing it as the “alpha and omega,” a sector that underpins all others. He stressed the need for energy accessibility and called for support from states and partners throughout the energy transition process.
The agricultural sector also garnered significant attention, with Ekué lamenting Africa’s struggle to fe
ed its population despite its abundant arable land. He advocated for the development of agricultural production through processing and industrialization to create robust value chains. He noted that Africa allocates substantial financial resources annually to import hydrocarbons and foodstuffs, which underscores the importance of bolstering the energy and agriculture sectors.
Ambroise Kafando, the Director of the Department of Agriculture, stated that funding for these sectors will be increased to enhance their roles as essential life sources. Oumar Timbely, the Director of the Department of Energy, highlighted that achieving the Sustainable Development Goal (SDG) of universal energy access is crucial for realizing the other 16 SDGs. He also pointed out the need to consider the low accessibility rate and the energy realities of certain states.
Toussaint Badolo, another director in the Department of Agriculture, called for improved water resource management and land fertilization to boost agricultural yields.
He advocated for the professionalization of agriculture to transform it into an inclusive activity and a catalyst for sustainable development. Additionally, BOAD’s Director of Climate Finance, Moubarak Moukaila, emphasized the importance of collaborating with the private sector to meet the bank’s objectives.
In conclusion, Ambroise Kafando expressed hope for meaningful discussions, relevant proposals, and tangible solutions to emerge from these initial BOAD development days.