Lomé, February 16, 2022 : BOAD successfully concludes the first stage of its capital increase, raising more than half of its $1.5 billion target. In order to meet the growing financing needs of the States of the West African Economic and Monetary Union (UEMOA), accentuated by the Covid-19 crisis, and to support sustainable and socially inclusive economic development, the BOAD has decided to increase its capital. In September 2020, the BOAD Board of Directors approved the bank’s new strategic plan (the ” Djoliba “The plan is based on a capital increase of 1.5 billion US dollars (837 billion FCFA), enabling the institution to double its level of equity and increase its level of commitments by more than 50% over the next five years.
The BOAD’s regional shareholders (Series A), made up of the eight WAEMU Member States, who are playing a leading role in this capital increase, are committed to taking all the necessary steps to accompany and support their regional development bank, alongside the Central Bank of West African States (BCEAO), in this useful and necessary change of scale for the successful implementation of the Djoliba 2021-2025 plan.
The WADB’s non-regional shareholders (Series B) – Germany, the African Development Bank, the European Investment Bank, China, France, the Kingdom of Belgium and the Kingdom of Morocco – are all committed to supporting the WADB and the economies of the WAEMU zone. Some of them, notably France, the African Development Bank and the Kingdom of Morocco, are preparing to subscribe to this capital increase from 2022, thereby strengthening the institution’s equity capital as well as its intervention capacity.
The success of this joint mobilization of the Bank’s regional and non-regional shareholders is an essential first step in the realization of the institution’s capital increase and the deployment of its strategic plan for the next five years.
Serge Ekué, President of BOAD, said in reaction to the conclusion of this first stage: “This first milestone in the Bank’s capital increase is a historic moment for our institution. This strong support from our shareholders illustrates both the robustness of our equity capital and the commitment of our partners to support BOAD’s action within the WAEMU region. It will significantly increase our capacity to act in support of the zone’s economic development and regional integration .
About West African Development Bank
The Banque Ouest Africaine de Développement (BOAD) is the joint development finance institution of the countries of the West African Monetary Union (WAMU). According to Article 2 of its Articles of Association, the BOAD’s purpose is to “promote the balanced development of member states and achieve economic integration in West Africa” by financing priority development projects. It is accredited with the three climate finance mechanisms (GEF, AF, GCF). Since 2009, BOAD has been an observer at the UNFCCC and has played an active role in discussions concerning the construction of an international architecture for climate finance. Since January 2013, it has been home to the first Regional Collaboration Center (CRC) on the Clean Development Mechanism (CDM), whose aim is to provide direct support to governments, NGOs and the private sector in identifying and developing CDM projects. It is an active member of the International Development Finance Club (IDFC), which brings together 24 national, regional and bilateral development banks, and of the International Aid Transparency Initiative (IATI).
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