We are today ready to support our states in their move towards becoming emerging market economies”. Christian Adovelande (pictured), president of the West African Bank of Development (WADB), asserted, on Thursday 23 July, during a press conference at the headquarters of the bank in Lomé, this position which is the basis for the 2015-2019 strategic plan of the financial institution of the UEMOA.
This strategic plan of WADB, which is very ambitious, is based on four axes targeting: the acceleration of regional integration through sustained financing
; support to inclusive growth; food safety and sustainable development; assisting companies and states; developing financing and services; and deepening the process of mobilising resources.
In order to implement it, WADB learned the lesson from the satisfactory assessment of the 2009-2014 plan which had allowed the tripling in the volume of actions across the eight countries in the UEMOA area, registering for the period in question levels of involvement representing 45% of its performance in 40 years.
Moreover, Christian Adovelande considers it relevant for the bank to capitalise on the recent ratings from the Moody’s and Fitch agency. The ratings give WADB better flexibility as its top management prepares for its first bond issuance on the international financial market, in a bid to diversify its lending sources.
On 15 May, Moody’s gave a first rating of bond issuer Baa1 in foreign and local currency. This came from the assessment of the bank’s liquidity deemed highly satisfactory which propels it to the fourth place in Africa, behind the African Bank Development (AAA), Botswana (A2) and Africa Finance Corp (A3).
Moody’s rating was backed, soon after, by the Fitch agency which reckons that, despite a difficult sub-regional environment, the capitalisation and debt levels of WADB are better than those of similar institutions, with a ratio of adjusted equity/assets of 40% and a ratio of debt/equity of 145.1% at the end of year 2014.
With Agence Ecofin
