The West African Development Bank - WADB (fr. Banque Ouest Africaine de Développement - BOAD / pt. Banco de Desenvolvimento do Oeste Africano - BDOA) is an international Multilateral Development Bank

Multilateral Development Bank

A multilateral development bank is an institution, created by a group of countries, that provides financing and professional advising for the purpose of development. MDBs have large memberships including both developed donor countries and developing borrower countries...

 established in 1973 to serve the nations of Francophone

Francophone

The adjective francophone means French-speaking, typically as primary language, whether referring to individuals, groups, or places. Often, the word is used as a noun to describe a natively French-speaking person....

 and Lusophone

Lusophone

A Lusophone is someone who speaks the Portuguese language, either as a native, as an additional language, or as a learner. As an adjective, it means "Portuguese-speaking"...

 West Africa

West Africa

West Africa or Western Africa is the westernmost region of the African continent. Geopolitically, the UN definition of Western Africa includes the following 16 countries and an area of approximately 5 million square km:-Flags of West Africa:...

. The BOAD is organised by the Central Bank of West African States

Central Bank of West African States

The Central Bank of West African States is a central bank serving the eight west African countries which comprise the West African Economic and Monetary Union:*Benin*Burkina Faso*Cote d'Ivoire*Guinea Bissau*Mali*Niger*Senegal*Togo-See also:...

 and its eight member governments: Benin

Benin

Benin , officially the Republic of Benin, is a country in West Africa. It borders Togo to the west, Nigeria to the east and Burkina Faso and Niger to the north. Its small southern coastline on the Bight of Benin is where a majority of the population is located...

, Burkina-Faso, Côte d'Ivoire

Côte d'Ivoire

The Republic of Côte d'Ivoire or Ivory Coast is a country in West Africa. It has an area of , and borders the countries Liberia, Guinea, Mali, Burkina Faso and Ghana; its southern boundary is along the Gulf of Guinea. The country's population was 15,366,672 in 1998 and was estimated to be...

, Guinea Bissau, Mali

Mali

Mali , officially the Republic of Mali , is a landlocked country in Western Africa. Mali borders Algeria on the north, Niger on the east, Burkina Faso and the Côte d'Ivoire on the south, Guinea on the south-west, and Senegal and Mauritania on the west. Its size is just over 1,240,000 km² with...

, Niger

Niger

Niger , officially named the Republic of Niger, is a landlocked country in Western Africa, named after the Niger River. It borders Nigeria and Benin to the south, Burkina Faso and Mali to the west, Algeria and Libya to the north and Chad to the east...

, Senegal

Senegal

Senegal , officially the Republic of Senegal , is a country in western Africa. It owes its name to the Sénégal River that borders it to the east and north...

 and Togo

Togo

Togo, officially the Togolese Republic , is a country in West Africa bordered by Ghana to the west, Benin to the east and Burkina Faso to the north. It extends south to the Gulf of Guinea, on which the capital Lomé is located. Togo covers an area of approximately with a population of approximately...

. It is funded by member states, foreign governments and international agencies. Its headquarters are in Lomé

Lomé

Lomé, with an estimated population of 737,751, is the capital and largest city of Togo. Located on the Gulf of Guinea, Lomé is the country's administrative and industrial center and its chief port. The city exports coffee, cocoa, copra, and palm kernels...

, Togo

Togo

Togo, officially the Togolese Republic , is a country in West Africa bordered by Ghana to the west, Benin to the east and Burkina Faso to the north. It extends south to the Gulf of Guinea, on which the capital Lomé is located. Togo covers an area of approximately with a population of approximately...

.

Creation

The BOAD was created 14 November 1973 by member states of the West African Monetary Union (WAMU). The original charter focused on development of member economies towards balanced development and to prepare economies for future West African economic integration. In 1994, it became the development arm of the West African Economic and Monetary Union (WAEMU/UEMOA).

Structure

Since that time several international organisations have become members of the bank, adding funding and sitting on the board. These include The African Development Bank

African Development Bank

The African Development Bank Group is a development bank established in 1964 with the intention of promoting economic and social development in Africa...

, the European Investment Bank

European Investment Bank

The European Investment Bank is the European Union's long-term lending institution established in 1958 under the Treaty of Rome. A policy-driven bank, the EIB supports the EU’s priority objectives, especially European integration and the development of economically weak regions...

, the Export and Import Bank of India (Exim Bank), and the People's Bank of China

People's Bank of China

The People's Bank of China is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China...

. The president of the bank's board is chosen by the heads of state of UEMOA, and since January 2008, Abdoulaye Bio-Tchane. The Bank's day to day operations are carried out by the President and the Bank adminmanager, cabinet, directorships of departments based in Lome, and mission offices based in the member nations.

Mission

The BOAD released a revised mission statement in 2001, refocusing their funding on three development goals: poverty reduction, economic integration and promotion of private sector activity. The bank disburses long- and medium-term loans, previously available only to BOAD member governments and public institutions, are since 2002 also offered to private businesses involved in development projects of regional importance as well as lines of credit to finance Micro-credit projects and small to medium private enterprises. The BOAD also funds debt-relief programs to member governments with the agreement that funds are instead diverted to health programmes particularly those dealing with HIV/AIDS, education and infrastructure improvements.

Headquarters

The bank is headquartered in Lome, Togo, in a seven story modernist building designed by the French architects Durand, Menard, and Thiebault in 1980.

Further reading

• West African Development Bank (Boad) Handbook. Intl Business Pubns USA; 6 edition (2007) ISBN: 1433059126