After approving the first phase of BOAD’s capital increase process on 30 December 2022, the WAMU Council of Ministers has just approved, at its meeting held on 31 March 2023, the amendment of the Bank’s Articles of Association relating thereto. 

As a reminder, this first phase involved and amount of XOF554.350 billion, i.e. 48% of the institution’s capital. Hence, BOAD’s capital has increased from XOF1,155 billion to XOF1,709.35 billion.

The strategic plan “Djoliba” (2021-2025) aims at scaling up, particularly in terms of activity levels, thereby strengthening BOAD’s action in supporting its member governments and the WAEMU private sector, as well as improving the living conditions of the communities across the Union. In this connection, the capital increase, enacted by such plan, was structured in two (2) phases. The first one, involving XOF554.350, has just been completed.

Therefore, as part of its capital strengthening, due diligence was carried out, with priority given to the historical regional shareholders, including the eight (8) WAEMU countries and the Central Bank of West African States (BCEAO) which subscribed to it. Seven (7) out of the eight (8) non-regional shareholders also participated in this first phase.

BOAD reiterates its sincere thanks to its shareholders for their diligent and continued support.

In concrete terms, this first closing has led to a substantial reduction in the pricing of BOAD’s lending to the Union’s member countries and private sector. It will also serve to raise activity levels, including concessional activity. The equity capital strengthening, which will increase the institution’s resilience, will further help address any shocks it may face.

Due diligence is underway with a view to finalizing the second phase of the process, which will involve an amount recorded under unsubscribed capital and reserved for new non-regional shareholders, as and when their accessions are approved by the decision-making bodies.

For further information, please contact

Communication and Public Relations Department

Tel.: +228 22 23 25 65 / WhatsApp: +228 99 99 32 15

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