Off the wire
• RPT -- Interview: Iran nuclear deal not to impact U.S. tight oil industry much  • 70 Siberian tiger cubs bred in NE China park  • Mercedes-Benz recalls cars over faulty fuses  • Robinho eyes titles for Guangzhou Evergrande  • Backgrounder: Why Potsdam Proclamation still indelible?  • Xinhua world news summary at 0030 GMT, July 25  • Roundup: Bangladesh expresses concern about India's river-linking plan  • Bolt storms to 100m victory in London, Farah wins 3,000m  • Hamburg sign Hoffenheim's Sven Schipplock  • Nigeria plans to train 20 referees in England  
You are here: 　 Home

W.African bank to raise 500 mln USDs to enhance regional integration

Xinhua, July 25, 2015 Adjust font size:

The West African Development Bank (BOAD) said on Friday it plans to raise up to 500 million U.S. dollars from the international financial markets in the last quarter of 2015 to boost regional economic and monetary integration.

The move is seen as a scale-up for BOAD that issued its first bonds on the West African financial market in 1993.

"To date, BOAD has raised 913 billion CFA Francs (1.523 billion U.S. dollars), positioning itself as the first non-sovereign issuer of West African Economic and Monetary Union (UEMOA)", which comprises eight member states, a bank release said.

The funds to be raised will help finance projects under the new five-year (2015-2019) strategic plan established by the bank to boost economic integration and growth in the UEMOA zone.

BOAD intends to dedicate up to 50 percent of its finances to regional projects included in the new plan.

With the new blueprint, BOAD expects to become "a strong development bank for economic integration and transformation in West Africa," according to the release. Endi