The West African Development Bank (BOAD) receives 30 million US dollars share capital from the Arab Bank for Economic Development in Africa (BADEA). This follows a favorable opinion issued by the Bank’s Board of Directors, at its 139th meeting held on December 20, 2023 in Cotonou. On December 21, 2023 The West African Monetary Union (WAMU) Council of Ministers approved the participation of BADEA in BOAD’s capital.This capital share will enable BOAD to continue in the promotion of balanced development of its member countries, foster economic integration within west Africa by financing priority development projects in sectors like agriculture etc.
The West African Development Bank (BOAD) receives a capital share of 30 million USD from Arab Bank for Economic Development in Africa (BADEA) which is equivalent to 1.20% of BOAD’s subscribed share capital.This comes after the favorable declaration made by the bank’s board of directors at its 139th meeting held on December 20, 2023 in Cotonou. On December 21, 2023 The West African Monetary Union (WAMU) Council of Ministers approved the participation of BADEA in BOAD’s capital. BOAD aims to promote the balanced development of its member countries, foster economic integration within west Africa by financing priority development projects in sectors like agriculture, water, infrastructure and transport equipment, industries etc.
“BADEA’s participation as a new shareholder follows 10 years after the Kingdom of Morocco joined the West African development Bank’s capital in 2013. This was the result of a series of discussions over the past two years. It is the translation of excellent relationships between both of our institutions, but also the result of a perfect common understanding between the President of BADEA, my dear friend and brother, Mr. Sidi Ould Tah, to whom I wish to pay a heartfelt tribute. My warmest congratulations to our respective technical teams”.
Serge Ekué, President of the West African Development Bank (BOAD) – Benin
The first phase was completed in December 2022 at an amount of 554.38 billion CFA francs. The two institutions are breaking new ground for their long-standing cooperation, which to date has been marked by the provision of BADEA on resources of preferential terms and by the co-financing of several infrastructure projects in West African Economic and Monetary Union (WAEMU) countries, as well as the granting of subsidies to BOAD to support structuring projects.
« The Arab Bank for Economic Development in Africa (BADEA) was established as an instrument of economic cooperation between the world and Africa and, as such, the Bank’s mission is to contribute to the economic and social development of the continent by focusing on African integration and integration between the Arab world and Africa ».
Sidi Ould Tah, President of the Arab Bank for Economic Development in Africa (BADEA) – Mauritania
The BOAD capital increase process is structured into two phases: a first phase involves the issue of shares reserved for the Bank’s current shareholders, and a second phase involves the issue of shares open to new shareholders. Established on 28th November 1973 and operational since March 1975, BADEA, with head office in Khartoum (Sudan), is a financial organization whose aim is to be a “world bank for Africans”. It comprises 18 member countries including Saudi Arabia, Kuwait, Iraq, Libya, the United Arab Emirates and Qatar.
