West African Development Bank

West African Development Bank
Banque Ouest Africaine de Développement ( West African Monetary Union
Staff	291 (2013)
Website	www.boad.org/en

The West African Development Bank - WADB (fr. Banque Ouest Africaine de Développement - BOAD / pt. Banco de Desenvolvimento do Oeste Africano - BDOA) is an international

Guinea Bissau, Côte d'Ivoire, Mali, Niger, Senegal and Togo. It is funded by member states, foreign governments and international agencies. Its headquarters are in Lomé, Togo

.

Creation

The BOAD was created 14 November 1973 by member states of the

West African Economic and Monetary Union

(WAEMU/UEMOA).

Structure

Since that time several international organisations have become members of the bank, adding funding and sitting on the board. These include The

Abdoulaye Bio-Tchane. The Bank's day-to-day operations are carried out by the President and the Bank adminmanager, cabinet, directorships of departments based in Lome, and mission offices based in the member nations.^[3]

Mission

The BOAD released 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.^[4]