West African Development Bank

The West African Development Bank - WADB (fr. Banque Ouest Africaine de Développement - BOAD) 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. It's headquarters are in Lomé, Togo.

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).

tructure

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), [ [http://www.financialexpress.com/news/Exim-Bank-buys-stake-in-West-African-Development-Bank/118243/ Exim Bank buys stake in West African Development Bank] , Financial Express, 4 November 2004] and the People's Bank of China. [ [http://findarticles.com/p/articles/mi_hb5562/is_200412/ai_n22713614 CHINA TO TAKE STAKE IN WEST AFRICAN DEVELOPMENT BANK] AsiaInfo Services, December, 2004 ] 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, cabinet, directorships of departments based in Lome, and mission offices based in the member nations. [ [http://www.boad.org/content/presentation/pres_organisation.htm organisation:boad.org] ]

Mission

The BOAD realeased 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. [ [http://www.boad.org/content/activites/perspectives.htm PERSPECTIVES:boad.org] ]

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. [ [http://archnet.org/library/sites/one-site.jsp?site_id=594 Archnet entry] .]

References

* [http://www.boad.org/ Official Website: boad.org]
* [http://www.fao.org/forestry/17250@30928/en/ FAO Sourcebook: The West African Development Bank (WADB)]

Further reading

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