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
BOAD is to promote balanced development of the States of the Union and to achieve West African economic integration.

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
Burkina Faso
Republic of Côte d'Ivoire
Republic of Guinea-Bissau
Republic of Mali
Republic of Niger
Republic of Senegal
Republic of Togo
Central Bank of West African States
(BCEAO), the bank of issue for all
eight Member States

Members holding Series B Shares:

France
the DEG, acting on behalf of the Republic of Germany
European Investment Bank (EIB), acting on behalf of the European Union
African Development Bank (AfDB)
Belgium

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.

COMPOSITION

8 member countries: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, Togo

STRUCTURE

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.

GENERAL PUBLICATIONS