W/ African Dev. Bank Reappoints President

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The West African Development Bank (BOAD), the common development finance institution for eight French-speaking member countries of the West African Economic and Monetary Union (WAEMU), has reappointed veteran banker Mr. Chistian Adovelande as president.

Mr. Adovelande was reappointed at the meeting of the West African Monetary Union (WAMU) Council of Ministers held on 28 June 2014 in Dakar, Senegal. He will serve the post for the next six years. The tenure of the vice president of the Bank, Mr. Bassary Touré,  was also renewed for another term of 5 years by the Board of Directors at its meeting held on 24 June 2014 in Dakar.

Born on 29 October 1950 at Porto-Novo (Republic of Benin), Mr. Chistian Adovelande joined BOAD in April 1978. After assuming office in various senior executive positions, he held from 1995 to 1999, the position of Deputy Secretary General of the Guarantee Fund for Private Investments in West Africa (“GARI SA”).

 From 2000 to 2002, he assumed office as Chairman and CEO of CAURIS Management SA, the first sub-regional private equity investment company in French-speaking West Africa, and Managing Director of CAURIS Investment SA, a venture capital company. In 2002, Mr. Christian Adovelande was appointed President of ECOWAS Bank for Investment and Development (EBID) for 9 years, prior to his appointment at the helm of BOAD on 14 February 2011.

For his part, Mr. Bassary Touré, born on 1st February 1950 at Thiès (Senegal), assumed high-level positions in the Malian civil service, before being appointed Minister of Economy and Finance of Mali from 1991-1992 and then from 2002-2004.

 He also served from 1998 to 2002 as a World Bank Executive Director for many African countries, and thereafter, from 2007-2009, as Resident Representative of African Development Bank to Gabon. He became Vice-president of BOAD in June 2009.

Established on 14 November 1973, the West African Development Bank (BOAD) is the common development finance institution of the eight member countries of the West African Economic and Monetary Union (WAEMU). Member countries of BOAD include Benin, Burkina, Côte d'Ivoire, Guinea Bissau, Mali, Niger, Senegal, and Togo.

 By Treaty of the West African Economic and Monetary Union (WAEMU) signed on 10 January 1994 and entered into force on 1st August 1994, BOAD is a specialized and autonomous institution. It contributes "in full independence to the attainment of the objectives of the WAEMU without prejudice to the objectives assigned to it under the WAMU Treaty".

 BOAD 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.

 Its purpose is to promote the balanced development of its member countries and foster economic integration in West Africa by financing public and private projects in various sectors, including rural development, infrastructure, industry, telecommunications, energy, transport, hotel activity, etc.

The shareholding of the institution comprises two categories of shareholders, the first of which is composed of the member countries of the West African Economic and Monetary Union (WAEMU) and the Central Bank of West African States (BCEAO). The second category comprises Germany, Belgium, China, France, India, Morocco, African Development Bank, European Investment Bank standing for the European Union. The institution’s share capital currently stands at FCFA1, 155 billion.

As at 30 June 2014, the aggregate commitments of BOAD to member countries and private companies in the WAEMU region stood at FCFA3, 124.9 billion for 715 operations.

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