Skip to content

West African Development Bank (BOAD) announces acquisition of an equity interest by the Arab Bank for Economic Development in Africa (BADEA) in its capital

The West African Development Bank (BOAD) (https://www.BOAD.org/) is pleased to announce that the Arab Bank for Economic Development in Africa (BADEA) has joined its capital.

Following a favorable opinion issued by the Bank’s Board of Directors, at its 139th meeting held on 20th December 2023 in Cotonou, the WAMU Council of Ministers met on 21st December 2023 and approved the participation of BADEA in BOAD’s capital. This opens up the second phase of the Bank’s capital increase process, the first phase of which was completed in December 2022 for an amount of XOF554.38 billion. 

As a reminder, the BOAD capital increase process, referred to as “Peninsula” project, is structured into two phases: a first phase involving the issue of shares reserved for the Bank’s current shareholders, and a second phase involving the issue of shares open to new shareholders, whose accession is subject to approval by the Council of Ministers, as provided for by BOAD’s Articles of Association. The participation of BADEA in the Bank’s capital as a class B shareholder (non-regional shareholder) is part of this second phase, and involves an amount of US$30 million, or XOF18.47 billion. This stake is equivalent to 1.20% of BOAD’s subscribed share capital, giving this first-rate institution a seat on its Board of Directors.

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”, comprising 18 member countries including Saudi Arabia, Kuwait, Iraq, Libya, the United Arab Emirates and Qatar. It is rated Aa2 with a positive outlook by Moody’s.

The two institutions are breaking new ground for their long-standing cooperation, which to date has been marked by the provision by BADEA of resources on preferential terms, and by the co-financing of several infrastructure projects in WAEMU countries, as well as the granting of subsidies to BOAD to support structuring projects.

For President Serge Ekué, “BADEA’s participation as a new shareholder follows 10 years after the Kingdom of Morocco joined BOAD’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”.

Distributed by APO Group on behalf of Banque Ouest Africaine de Développement (BOAD).

Link to additional content: https://apo-opa.co/48zmTkq

For further information, please contact:
Communication and Public Relations Department

Tel.: +228 22 23 25 65 / WhatsApp: +228 99 99 32 15
Fax: +_228 22 23 24 38
Email: boadsiege@boad.org

Follow us on:
Twitter: https://apo-opa.co/48BAiIZ
Facebook: https://apo-opa.co/3TXe3Jx
YouTube: https://apo-opa.co/41Cbyhi

About the West African Development Bank:
The West African Development Bank (BOAD) is the common development finance institution of the member countries of the West African Economic and Monetary Union (WAEMU). It is an international public institution whose purpose, as provided under Article 2 of its Articles of Association, is to promote the balanced development of its member countries and foster economic integration within West Africa by financing priority development projects. It is accredited to the three climate finance facilities (GEF, AF, GCF). Since 2009, BOAD sits as an observer at the UNFCCC and actively participates in discussions on devising an international climate finance system. Since January 2013, it has been home to the first Regional Collaboration Centre (RCC) on Clean Development Mechanism (CDM), whose aim is to provide direct support to governments, NGOs and the private sector in identifying and developing CDM projects.

Since 15 October 2023, the Bank, together with Bancoldex (the Colombian Business and Export Development Bank), has co-chaired the International Development Finance Club (IDFC), which brings together 26 national, regional and multilateral development banks from around the world.

 

Subscribe

Stay informed and ahead of the game with our curated collection of the top 10 stories from Africa each day, Monday, Tuesday, Wednesday, and Thursday. On Fridays, gear up for the business world as we bring you the 10 most relevant and game-changing business stories. And on Sundays, prepare to be whisked away on a delightful journey through Africa’s vibrant lifestyle and travel scenes.