- 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 ofFrancophone andLusophone West Africa . The BOAD is organised by theCentral Bank of West African States and its eight member governments:Benin ,Burkina-Faso ,Côte d'Ivoire ,Guinea Bissau ,Mali ,Niger ,Senegal andTogo . It is funded by member states, foreign governments and international agencies. It's headquarters are inLomé ,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 theWest 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 , theEuropean Investment Bank , theExport 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 thePeople'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
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