BOAD seeks half billion dollars in investment

The West African Development Bank (BOAD) recently set an ambitious goal of attracting $500 million in international investment during the final quarter of 2015.

The goal was motivated by a strong 2015, where the bank earned positive ratings from Moody's and Fitch, as well as several international accreditations. Among them was one from Global Environment Facility, which supports projects that address biodiversity, climate change, international waters, land degradation and other environmental issues.

BOAD officials said the recognition shows the bank is poised to move from a largely regional operation to a fund primarily supported by borrowed international capital.

In accordance with its 2015-2019 strategic plan, BOAD will use the funding to continue its support for infrastructure projects across several high-demand fields, such as food security, sustainable development and finance.

Whether the bank hit its mark remains to be seen as economists continue to wait for the bank's 2015 financial reports to be released.