BOAD celebrates 44 years of service to WAEMU
Lomé, 14 November 2017. The West African Development Bank (BOAD) has marked 44 years of service to the WAEMU region. At a staff durbar held to commemorate the event, Mr. Christian Adovelande, President of the Bank, took the opportunity to highlight the activities, achievements and prospects for the coming years in terms of financing of private and public sector projects in the Union.
In 44 years, the Bank has financed 1,090 operations in the eight (8) WAEMU member countries, involving a total of XOF4,723.6 billion. These operations covered 563 infrastructure projects including 269 road projects and 128 power projects, 209 projects in the rural and agricultural development sector, 317 in industry, finance and services, including 92 operations in the form of credit lines.
As at 30 June 2017, the Bank posted a strong financial position with a total balance sheet of XOF2,308 billion, a good portfolio performance with an overall depreciation rate of 2.20%, well below the average observed in the sub-region. Net banking income also stood at XOF20,229 billion, with a capital adequacy ratio of 24% compared to the international standard of 8%. The Bank’s financial position is also characterized by a conservative liquidity policy with a current liquidity position covering more than 25 months of the Bank’s commitments.
BOAD has also gained international reputation and enjoys the full confidence of its partners and investors because of the quality of its rating. Indeed, the Bank has since 2015 been rated Baa1 and BBB in the “investment grade” category by Moody’s and Fitch Ratings, and successively confirmed in 2016 and 2017. These ratings place the Bank 4th and 2nd best ratings awarded by these two agencies to institutions or governments in Africa. The quality of the Bank’s rating enabled it to successfully raise nearly US$750 million in 2016 and US$850 in 2017 on the international capital market. BOAD is also accredited to various funds dedicated to the environment and is in the process of obtaining accreditation from the European Union Commission to access funds from the European Development Fund.
These achievements attest to BOAD’s firm commitment to fulfilling its goal of becoming a “solid development bank for the economic integration and transformation within West Africa”, by 2020.
As part of the Bank’s outlook, three presentations were made by senior executives of the Bank on key issues relating to (i) proposed guidelines for service delivery activities (arrangement and financing), (ii) estimation of indirect impacts of projects financed by the Bank: approach and application and (iii) proposed implementation of a financial management system.
The staff durbar concluded with the award of medals and honors to 106 staff members with at least 15 years of service at the Bank, to reward their commitment and loyalty.
For more information, please contact
Direction de la Communication, du Marketing, de la Documentation et des Relations Publiques
Tel: + 228 22 23 25 65
Fax: + 228 22 23 24 38