WEST AFRICAN DEVELOPMENT BANK
68, Avenue de la Libération Postal Add: B.P. 1172 Lomé Telephone: 21-5906 Togo 21-4244 21-0113 Facsimile: 21-5267 21-7269 Telex: 5289 BOAD TG 5336 BOAD TG E-mail: email@example.com Internet: www.boad.org President: ... Boni YAYI Vice President: ... Alpha TOURE
ESTABLISHMENT AND FUNCTIONS
The West African Development Bank (BOAD) was established by an Agreement signed by the Member States of the West African Monetary Union (UMOA) on November 14, 1973. The aim of the
Following signing of the Treaty of the West African Monetary Union (UEMOA) on January 10, 1994, and its entry into force on August 1, 1994 the BOAD became a specialized autonomous institution of the Union. It contributes "independently to the achievement of the UEMOA's objectives without prejudice to the objectives that are assigned to it by the Treaty of the UMOA".
The BOAD is an international public institution, whose purpose, pursuant to Article 2 of its Charter, is "to promote balanced development of the member states and achieve economic integration in West Africa" by financing priority development projects.
The Bank's Shareholders:
The following are members of the BOAD subscribing to its capital and participating in its administration:
Members holding Series A Shares:
Republic of Benin
Members holding Series B Shares:
On December 31, 2001, the capital structure was as follows:
Authorized capital: ... ... CFAF 350.0 billion Subscribed capital: ... ... CFAF 336.8 billion Called-up capital: ... ... CFAF 80.9 billion Capital subject to be called up: ... ... CFAF 255.9 billion Paid in capital: ... ... CFAF 42.3 billion
The capital of the BOAD is open to non-member countries and international organizations that would like to provide financial support to the Member States.
8 member countries: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, Togo
Under the direction and control of the Council of Ministers of the West African Monetary Union, the BOAD is administered by a President and a Managing Board. In addition to the Bank's President, who is its Chairman, the Managing Board comprises one Representative (and his Alternate) from each country of the Monetary Union, the Governor of the BCEAO, and representatives (up to a maximum of eight) from countries and international financial organizations outside the Monetary Union subscribing to the Bank's capital. The President is appointed by the Union's Council of Ministers for a renewable term of six years. He is assisted by a Vice President, appointed by the Managing Board for a renewable term of five years.
Annual Activity Report; Practial Guidelines for Private Sector;BOAD-Info
UPDATED: April 3, 2002