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Western Africa: BOAD - Banque Ouest Africaine de Développement

Click on the regional institution below for background information and maps:

Western Africa

 ECOWAS
 WAEMU
 BCEAO
 BOAD

Central Africa

 CEMAC
 ECCAS

Southern Africa

 SADC
 COMESA
 SACU
 Nile Basin Initiative

Eastern Africa

 EAC
 IOC
 IGAD

Contact

Banque Ouest Africaine de Développement

  • President: Mr. Boni Yayi
  • Address: BP 1172 Lomé - Togo
  • Telephone: (228) 228-221-5906/221-
  • Fax : (228) 21.52.67/21.72.69
  • Internet: http://www.boad.org/

General Background

The West African Development Bank (BOAD) is a regional financial institution established in 1973. Its mandate is to promote economic integration and balanced development among the member states of the West African Economic and Monetary Union (WAEMU) which includes Benin, Burkina Faso, Côte d’Ivoire, Niger, Mali, Senegal, Togo and Guinea Bissau. BOAD is to financing an array of projects in various sectors including rural development, road infrastructures, telecommunications, energy, industry, transport, rural development and tourism.

BOAD shareholding is composed of the eight (8) WAEMU member countries, the Central Bank of West African States (BCEAO) and non regional members such as France, Germany, the European Investment Bank (BEI), the African Development Bank (AfDB), Belgium and recently China.

After more than two decades of cautious and increasingly diversified activities in providing financing to public and private sectors, BOAD has gained regional and international credibility. Its healthy balance sheet and its reputation enable it to expand its membership and sources of funding over the time and it has become the main bond on the regional financial market.

Management and Organization

BOAD is managed by a President assisted by a Vice-President. The President and the Vice-President are respectively appointed by the UEMOA Council of Ministers and the Board of shareholders. The President of BOAD, Dr. Boni Yayi current appointment for a six-year term of office will be ending in 2006.

BOAD employs two hundred twenty three (223) people all originating from WAEMU member countries. It has a resident mission in six (6) member countries ( Benin, Burkina Faso, Côte d’Ivoire, Niger, Mali, Senegal).

Accounting and Financial Structure

BOAD’s accounts are audited twice a year by the BCEAO and two international audit firms namely Price Waterhouse Coopers and Mazars et Guérard.

BOAD’s simplified balance sheets for years ending 2001, 2002 and 2003 is as follow:

(in million US$)

 

Simplified

 

Balance

 

Sheet

   

Assets

2001

2002

2003

Liabilities

2001

2002

2003

Cash

108 004 000

96 296 000

118 634 000

Borrowings

320 794 000

337 922 000

405 862 000

Loans

428 952 000

470 724 000

547 584 000

Released Capital

84 654 000

92 380 000

100 000 000

Participations

15 060 000

19 336 000

19 862 000

Other Equities

96 160 000

101 726 000

109 712 000

Fixed Assets

7 716 000

6 700 000

5 702 000

Releasable Capital

77 146 000

69 420 000

61 800 000

Shareholders

588 946 000

581 220 000

573 600 000

Callable

Capital

511 800 000

511 800 000

511 800 000

Other Assets

82 806 000

81 166 000

81 860 000

Managed Funds

73 174 000

87 424 000

103 494 000

       

Other Liabilities

67 756 000

54 770 000

54 574 000

Total Assets

1 231 484 000

1 255 442 000

1 347 242 000

Total Liabilities

1 231 484 000

1 255 442 000

1 347 242 000

Source: BOAD
Currency conversion rate: 1 US$ = 500 CFA F

The above data shows a well-balanced financial structure with a total assets increasing from 1,231.4 million in 2001 to 1,347.2 million in 2003, a 9.4% increase over the period. Total equity rose by 5.9% over the period from 180.8 million at end 2001 to 209.7 million at end 2003.

Commitment with the Bank

BOAD is the regional development bank for the eight WAEMU countries ( Benin, Burkina Faso, Cote d’Ivoire, Guinea-Bissau, Mali, Niger, Togo and Senegal). As a support to WAEMU countries in their objective of promoting regional integration through the strengthening of the financial market, the Bank approved on February 2004 a project (P074525 – WAEMU Capital Market Development Project) which aimed at: ( i) providing institutional support to BOAD to develop its role as a benchmarking issuer in the WAEMU, and to CREPMF, the regional capital markets regulator; (ii) providing a line of credit to finance road projects viewed as priority from a regional perspective, (iii) and retailing IDA, MIGA and AFD guarantees for medium size private infrastructure projects. The project which totaled US$ 408.69 million including a US$ 221 million guarantee component, a US$ 12.99 Technical Assistance component and a US$ 163.10 Line of Credit component is a partnership between IDA, MIGA, French AFD and Canadian CIDA. The project became effective on July 29, 2005.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 




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