Multinational - Third Line of Credit to the West African Development Bank (BOAD)


Project Summary

Approval Date 30 Jan 2008
Signature Date 21 Jul 2008
Sovereign / Non-Sovereign Non Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 33,903,189.44
Status Implementation

Project General Description

This project is a financial proposal to support the West African Development Bank (BOAD), which has three components: (i) a subscription to the capital increase, (ii) a line of credit, and (iii) institutional support. The participation in the capital increase aims at preserving the opportunity to give advice on the activities of the BOAD and to be involved in making important strategic decisions on the economic and social development of the sub-region. The line of credit is intended for the financing of private sector projects. The amount is 40 million Euros or 26.24 billion FCFA. It will enable BOAD to access resources in the medium and long term, given that the average duration of its issuance in the regional financial market is seven years, and private sector lending is eight years, on average. Institutional support consists of two components: (i) the reception at the Bank of BOAD Agents in the departments responsible for evaluation and risk management, accounting, treasury; (ii) compliance with IAS / IFRS international accounting standards. This support aims to preserve BOAD's financial performance in order to consolidate its role as a financial intermediary in the WAEMU zone.

Project Objectives

The sectoral objective of the project is to contribute to the achievement of sustainable growth to accelerate economic and social development of the WAEMU member states during the period 2006-2010. The main objective is to strengthen the financial and BOAD to effectively contribute to the achievement of growth to accelerate economic and social development of the WAEMU member states.

Beneficiaries

The main beneficiaries of the project are: BOAD, private sector companies, BOAD staff, WAEMU Member States.

Participating Organization

Funding
African Development Bank

Information

IATI identifier 46002-P-Z1-HAA-012
Last Update 31 Oct 2019

Export

Contact Details

Email private-sector@afdb.org

Geographic Location

Country Multinational