West African Development Bank

Last updated
West African Development Bank
Banque Ouest Africaine de Développement  (French)
West African Development Bank headquarters in Lome.jpg
Formation14 November 1973 (1973-11-14)
Type Development finance institution
Legal statusTreaty
Headquarters Lomé, Togo
West Africa
8 countries
Chairman of the Board of Directors and President of BOAD
Christian Adovelande
Affiliations West African Monetary Union
291 (2013)
Website www.boad.org/en

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 established in 1973 to serve the nations of Francophone and Lusophone West Africa. The BOAD is organised by the Central Bank of West African States and its eight member governments: Benin, Burkina-Faso, Côte d'Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo. It is funded by member states, foreign governments and international agencies. Its headquarters are in Lomé, Togo.



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).


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, the European Investment Bank, the Export and Import Bank of India (Exim Bank), [1] and the People's Bank of China. [2] 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. [3]


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. [4]


The bank is headquartered in Lome, Togo, in a seven-story modernist building designed by the French architects Durand, Menard, and Thiebault in 1980. [5]

Related Research Articles

Economy of Benin National economy

The economy of Benin remains underdeveloped and dependent on subsistence agriculture and cotton. Cotton accounts for 40% of Benin's GDP and roughly 80% of official export receipts. There is also production of textiles, palm products, and cocoa beans. Maize (corn), beans, rice, peanuts, cashews, pineapples, cassava, yams, and other various tubers are grown for local subsistence. Benin began producing a modest quantity of offshore oil in October 1982. Production ceased in recent years but exploration of new sites is ongoing.

International Monetary Fund International financial institution

The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, D.C., consisting of 190 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world while periodically depending on the World Bank for its resources. Formed in 1944, started in 27 November 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had XDR 477 billion.

Foreign relations of Mali

Following independence in 1960, Mali initially followed a socialist path and was aligned ideologically with the communist bloc. Mali's foreign policy orientation became increasingly pragmatic and pro-Western over time. Since the institution of a democratic form of government in 1992, Mali's relations with the West in general and the United States in particular have improved significantly. U.S.-Malian relations are described by the U.S. Department of State as "excellent and expanding," especially given Mali's recent record of democratic stability in the volatile area of West Africa and its avowed support of the war on terrorism. Mali is reported to be one of the largest recipients of U.S. aid in Africa.

Economy of Senegal National economy

The economy of Senegal is driven by mining, construction, tourism, fishing and agriculture, which are the main sources of employment in rural areas, despite abundant natural resources in iron, zircon, gas, gold, phosphates, and numerous oil discoveries recently. Senegal's economy gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. As one of the dominant parts of the economy, the agricultural sector of Senegal is highly vulnerable to environmental conditions, such as variations in rainfall and climate change, and changes in world commodity prices.

Economy of Togo National economy

The economy of Togo has struggled greatly. The International Monetary Fund (IMF) ranks it as the tenth poorest country in the world, with development undercut by political instability, lowered commodity prices, and external debts. While industry and services play a role, the economy is dependent on subsistence agriculture, with industrialization and regional banking suffering major setbacks.

Economic Community of West African States Intergovernmental economic union

The Economic Community of West African States, also known as ECOWAS, is a regional political and economic union of fifteen countries located in West Africa. Collectively, these countries comprise an area of 5,114,162 km2 (1,974,589 sq mi), and in 2015 had an estimated population of over 349 million.

Structural adjustment programs (SAPs) consist of loans provided by the International Monetary Fund (IMF) and the World Bank (WB) to countries that experience economic crises. Their purpose is to adjust the country's economic structure, improve international competitiveness, and restore its balance of payments.

Eco (currency)

The Eco is the proposed name for the common currency that the West African Monetary Zone (WAMZ) plans to introduce in the framework of the Economic Community of West African States (ECOWAS). This objective is to create a common currency for all West Africa states. This will also serve to enable the French-speaking west African region to abandon the CFA Franc for the ECO, as part of a process to gain complete fiscal and monetary independence from France.

West African CFA franc Currency of several West African countries

The West African CFA franc is the currency of eight independent states in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. These eight countries had a combined population of 105.7 million people in 2014, and a combined GDP of US$128.6 billion.

Nordic Investment Bank

The Nordic Investment Bank (NIB) is an international financial institution founded in 1975 by the five Nordic states. In 2005, the three Baltic countries also became members of the Bank. NIB’s headquarters are located in Helsinki, Finland. NIB acquires the funds for its lending by borrowing on the international capital markets.

An international financial institution (IFI) is a financial institution that has been established by more than one country, and hence is subject to international law. Its owners or shareholders are generally national governments, although other international institutions and other organizations occasionally figure as shareholders. The most prominent IFIs are creations of multiple nations, although some bilateral financial institutions exist and are technically IFIs. The best known IFIs were established after World War II to assist in the reconstruction of Europe and provide mechanisms for international cooperation in managing the global financial system.

Foreign relations of Ivory Coast

Throughout the Cold War, Ivory Coast's foreign policy was generally favorable toward the West. In particular, Félix Houphouët-Boigny kept relations with France that was among the closest between any African country and a former colonial power. The country became a member of the United Nations at independence in 1960 and participates in most of its specialized agencies. It is also an associate member of the European Union. In general, President Bédié initiated and maintained relations with many countries of the European Union and Asia. Ivory Coast maintains a wide variety of diplomatic contacts.

UEMOA Tournament Football tournament

The UEMOA Tournament is a football (soccer) tournament held between nations who are a member of the West African Economic and Monetary Union (UEMOA). The tournament was first played in 2007. It is also called Coupe de l'intégration ouest africaine.

Asky Airlines Airline in west and central Africa

ASKY Airlines is a private-sector multinational passenger airline serving West and Central Africa, with its head office in Lomé, Togo and its hub at Gnassingbé Eyadéma International Airport.

Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) is a specialised institution of the Economic Community of West African States responsible for facilitating the adoption and implementation of Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) in West Africa. It is also the FATF Style Regional Body (FSRB) in West Africa and works with states in the region to ensure compliance with international AML/CFT standards. GIABA was established in 2000 and has its headquarters in Dakar, Senegal. GIABA consists of 17 member states.

Cina Lawson Togolese politician

Cina Lawson is a Togolese politician.

India–Togo relations Diplomatic relations between the Republic of India and the Togolese Republic

India–Togo relations refers to the international relations that exist between India and Togo.

The African Solidarity Fund (ASF), also known by its French name and acronym, is a multilateral, financial guarantee institution based in Niamey, Niger. The purpose of the ASF is to actively support the economic development of its 14 African member states. The ASF plays a key role in the financial systems of African member states by facilitating the access of public and private enterprises to credit for investments. Enterprises in African member states are able to secure loans through ASF-supported credit facilities for investment projects that are aligned with ASF's mandate. Investment projects supported by ASF span a broad range of sectors, including mining, infrastructure, telecommunications, energy, healthcare, and agriculture. The ASF's strategic interventions in financial markets include loan guarantee facilities, refinancing and interest rate subsidies.


Further reading