West African Development Bank raises funds in support of 2014-2015 cotton season in Benin

Christian Adovelande, President of BOAD

West African Development Bank raises funds in support of 2014-2015 cotton season in Benin


By Justine Wangui   (Science Africa correspondent), justinewangui@gmail.com


Cotonou, Benin- The West African Development Bank (BOAD), a sub-regional institution has raised XOF115 billion to support the 2014-2015 cotton season in Benin. As part of this contribution, BOAD provided XOF25 billion.  As the arranger, the bank was able to pool 7 local banks contributed up to 79% of these funds.  This Agreement was signed by and between Mr. Christian Adovelande, President of BOAD and the Managers of local banks involved in the transaction. These particular funds will aid in purchase of cotton from producers, processing, storage, evacuation and marketing of cotton fiber and by-products.


Benin has fully developed confidence in BOAD following the success of two previous mandates.  In February 2014, the Government of Benin mandated BOAD to offer technical and financial assistance with the aim of mobilizing funds for the 2014-2015 cotton season and BOAD has positively responded.  “This financial support provided by BOAD, complementary to that of the local banking system, is in line with the Bank’s strategic directions as well as Policy Statement.”  Mr. Christian Adovelande satisfactorily stated.

Benin was triggered by the excellent previous support from BOAD in the last two mandates.  During the 2012-2013 cotton season, Beninese authorities’ request to BOAD for financial support made it possible to sow 351,000 hectares for a production of 240,000 tons of cottonseed.  76% of these funds were raised by local banks.  In the 2013-2014 cotton season, BOAD raised a total of XOF115 billion which enabled the sowing of 347,000 hectares for a production of 307,355 tons of cottonseed.  The local banks contributed 79% of the total funds for this season. 

Estimates for the current cotton season reflect a cottonseed production of 360,000 tons over an area sown of nearly 400,000 hectares, which is an increase in comparison to the previous outcomes.

(Source: http://www.boad.org)