The BOAD’s objectives, scope and priorities for intervention, as defined by its Articles of Association and General Policy Statement, are based on the central idea of solidarity.
The BOAD’s objectives are to promote the balanced development of its member states and to achieve economic integration in West Africa. The Articles of Association specify that in the choice of actions to which it will contribute, particular consideration must be given to those likely to facilitate the development of the Union’s member states most disadvantaged by natural conditions, and to contribute to the integration of the economies of the Union’s member states. Raising domestic funds to finance development initiatives, stimulating the regional capital market and draining external resources into the region were also key missions assigned to the Bank.
Designed as a bank to promote regional integration and solidarity, BOAD finances :
- building or improving the infrastructure needed for development, particularly in terms of communications, water supply and electricity;
- the improvement, creation or transfer of ownership of means of production and distribution in the rural and industrial sectors;
- project preparation studies.
BOAD operates directly or through subsidiaries, special funds set up by BOAD or national financial institutions. It can take the following forms: equity investment, long- and medium-term loans, guarantees and interest subsidies. Member states, local authorities and public establishments, financial institutions, organizations, companies and individuals are all eligible for funding.
Special funds have been set up within the company to enhance the efficiency of its operations, modulate its action and tailor it as effectively as possible: a subsidy fund, a guarantee fund for guarantees and redemptions, and a study fund.
