BOAD - Banque Ouest Africaine de Développement

01/17/2022 | Press release | Distributed by Public on 01/18/2022 01:24

BOAD CLOSES A SERIES OF POLICIES WITH THE PRIVATE STRUCTURED CREDIT INSURANCE MARKET IN A MOVE TOWARDS A MORE ACTIVE MANAGEMENT OF ITS BALANCE SHEET

Lomé, 15 December 2021: As part of its "originate to distribute" approach, BOAD has just subscribed to a series of insurance policies to cover the risk of Borrower default across a group of its projects in its loan portfolio.

This step, which is part of its evolving active balance sheet management policy, enables the institution to rely on the support of 'A' to 'AA' rated specialist insurers based in London and Paris through the transfer of part of its exposure to the risk of non-payment of its borrowers. BOAD will thus benefit from the ability to increase its capacity to mobilise resources for the benefit of its member states and the private sector of the WAEMU.

These first insurance policies bring BOAD in line with its peers with regards to its approach to credit insurance. This demonstrates the BOAD's clear determination to promote the growth of its commitments in its region of intervention in line with the strategic objectives set by the Djoliba 2021-2025 plan.

President Serge Ekué on these subscriptions: "BOAD is committed to exploring all means of financial engineering in the service of its member states and the well-being of their populations. Today, by insuring part of its portfolio, BOAD is making its balance sheet more agile and increasing its capacity to finance the development of WAEMU countries. I am delighted with this."

In its 48 years of existence, BOAD has contributed to the financing of 1,262 projects of member states and private enterprises of the West African Monetary and Economic Union (WAEMU) for a total amount of 6,618.7 billion CFA francs (about 11 billion euros).

About BOAD

BOAD is the common development finance institution of the West African Monetary Union (WAMU). A public institution of an international nature, BOAD's objective, according to Article 2 of its statutes, is "to promote the balanced development of member states and to achieve the economic integration of West Africa" by financing priority development projects. It is accredited to the three climate finance mechanisms (GEF, AF, GCF). Since 2009, BOAD has been an observer at the UNFCCC and actively participates in discussions on the construction of an international climate finance architecture. Since January 2013, it has hosted the first Regional Collaboration Centre (RCC) on the Clean Development Mechanism (CDM), which aims to provide direct support to governments, NGOs and the private sector for the identification and development of CDM projects. It is committed to carbon neutrality by 2023 and is an active member of the International Development Finance Club (IDFC) which brings together 24 national, regional and bilateral development banks.

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