West African Development Bank

Banque Ouest Africaine de Développement is the Development Finance Institution for the member states of the WAEMU. Created in 1973, its shareholders comprise the eight member states of WAEMU, their Central Bank (the Central Bank of West African States - BCEAO) and several international institutions and foreign governments, in particular, the African Development Bank (AfDB), the European Investment Bank (EIB), KFW, France, Belgium, China, India, Morocco, etc. BOAD is rated 'Baa1' with a stable outlook by Moody's and 'BBB' with a stable outlook by Fitch Ratings.