Fitch affirms BOAD’s rating at BBB with a stable outlook

Lome, 11 May 2022.  Fitch Ratings has confirmed BOAD’s rating at BBB with a stable outlook. This rating is mainly driven by the outstanding support from its major shareholders, including the Central Bank of West African States (BCEAO, 47% of the capital) and Côte d’Ivoire            (BB-/Stable, 6% of the capital).

BOAD’s standalone credit profile remains unchanged at BB+, reflecting the Bank’s strong fundamentals. The driving factors of this rating include the increased credit risk exposure experienced by the Bank as a result of the latest developments in Mali, along with other regional and global factors potentially affecting BOAD’s borrower credit quality. Fitch’s decision confirms the financial soundness and resilience of the Bank despite the crises in Mali and Burkina Faso and the rise in commodity prices.

The institution welcomes the stability of its rating whilst planning to issue a new hybrid instrument in 2022, which will significantly strengthen its capital base. With only a few months away from its 50 years of existence, BOAD is committed to preserving and strengthening its fundamentals and its reputation as one of the most reliable development finance institutions in Africa.

About the West African Development Bank

The West African Development Bank (BOAD) is the common development finance institution of the member countries of the West African Economic and Monetary Union (WAEMU). It is an international public institution whose purpose, as provided under Article 2 of its Articles of Association, is to promote the balanced development of its member countries and foster economic integration within West Africa by financing priority development projects. It is accredited to the three climate finance facilities (GEF, AF, GCF). Since 2009, BOAD sits as an observer at the UNFCCC and actively participates in discussions on devising an international climate finance system. Since January 2013, it has been home to the first Regional Collaboration Centre (RCC) on Clean Development Mechanism (CDM), whose aim is to provide direct support to governments, NGOs and the private sector in identifying and developing CDM projects. The Bank is committed to carbon neutrality by 2023 and is an active member of the International Development Finance Club (IDFC), bringing together 24 national, regional and bilateral development banks.

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