The West African Development Bank (BOAD) is the common development finance institution of the member countries of the West African Monetary Union (WAMU). It was established by an Agreement signed on 14 November 1973, and became operational in 1976. Member countries include Benin, Burkina, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal, and Togo.
By Treaty of the West African Economic and Monetary Union (WAEMU) signed on 10 January 1994 and entered into force on 1st August 1994, BOAD is a specialized and autonomous institution. It contributes “in full independence to the attainment of the objectives of the WAEMU without prejudice to the objectives assigned to it under the WAMU Treaty”.
BOAD 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.
As at 31 December 2016, the Bank’s share capital is as follows:
|Capital||In FCFA’M||In $ US*|
|Authorized capital||1 155 000||2 310 000|
|Called-up capital||275 945,5|
|Callable capital||821 804.5|
Category A shareholders:
- Republic of Benin,
- Burkina Faso,
- Republic of Côte d’Ivoire,
- Republic of Guinea Bissau,
- Republic of Mali,
- Republic of Niger,
- Republic of Senegal,
- Togolese Republic,
- Central Bank of West African States (BCEAO).
Category B shareholders:
- French Republic,
- KfW acting on behalf of the German Republic,
- EIB acting on behalf of the European Union,
- African Development Bank (AfDB),
- Kingdom of Belgium,
- Eximbank of India acting for the Republic of India,
- People’s Bank of China acting for the People’s Republic of China,
- Kingdom of Morocco.
The subscribed capital is distributed among Category A and Category B Shareholders to tune of 93.39% and 6.61% respectively.
* exchange rate : 1$ = FCFA 500