The West African Development Bank (Banque Ouest Africaine de Developpement, BOAD) is planning to raise $500m in the international financial markets over the final quarter of 2015, according to BOAD’s President Christian Adovelande.

“With increased international credibility, there is the possibility of a change in scale which confronts BOAD today,” said Adovelande.

Recently, the international rating agencies Moody’s and Fitch have each rated BOAD in the category referred to as “investment grade” ratings.

Both agencies based their positive rating on BOAD‘s financial performance and its shareholders’ support, as well as the quality and stability of its corporate governance system.

BOAD has also received an accreditation as a regional implementing entity to the Global Environment Facility (GEF).

“The international rating and accreditation with GEF should be placed within the context of implementing BOAD’s Strategic Plan for 2015–2019,” said Adovelande.

The BOAD’s Strategic Plan for 2015–2019 is focusing on four key areas: accelerating regional integration through sustained infrastructure financing by allocating 50% of BOAD loans to regional projects; support for inclusive growth, food security and sustainable development; support for businesses and States, development of financial engineering and services, with special focus on promoting public-private partnership projects; and deepening the resource mobilization process.

With respect to the latter issue, the regional capital market will remain a source of refinancing for BOAD.

The institution has played a pioneering role by launching the first issuance of bond loans in this market in 1993.

With CFA 913bn ($1.55bn) funds raised to date, BOAD is positioned as the first non-sovereign issuer in the West African Economic and Monetary Union (WAEMU) zone.

BOAD said it has approached the authorities of the WAEMU region for the establishment of innovative mechanisms that could facilitate mobilization of domestic concessionary resources.

These would enable it to better support development projects in its member countries, mainly in the infrastructure and food security areas.

Resource mobilization in adequate quality and quantity will be a top priority for BOAD if it wants to achieve in concrete terms the vision buttressing its 2015-2019 strategic plan - that is to become in future “a solid development bank for economic integration and transformation in West Africa”.