On 23 February 2012, OeEB and the West African Development Bank (BOAD) signed a bilateral facility agreement for a EUR 25 million long-term credit line.
The funds will support the development of the private sector, especially in Least Developed Countries (LDCs) in West Africa which is a focus region for Austria's development assistance strategy. BOAD, an experienced player in the West African Economic and Monetary Union (WAEMU), will use these funds for financing projects in the infrastructure and industrial sector.
Established in Togo in 1973, BOAD (Banque Ouest Africaine de Développement, or West African Development Bank) is a multilateral development bank representing eight west African countries: Benin, Burkina Faso, Ivory Coast, Guinea Bissau, Mali, Niger, Senegal and Togo. Seven out of the eight countries of operation are classified as Least Developed Countries as per the OECD Development Assistance Committee. Consistent with its role as a development bank, BOAD focuses on promoting economic integration and development of its member states. BOAD finances the public and the private sectors, although focus in the recent years has been shifting towards the private sector.