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. | 
RSS