WAEMU CAPITAL MARKET DEVELOPMENT PROJECT

Abstract*

The Capital Market Development Project for the countries of the West Africa and Economic and Monetary Union (Benin, Burkina Faso, Cote d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo) to develop the capital markets and mobilize public and private financing for the region's infrastructure development. Specifically, the project will assist in: (a) strengthening the regulatory framework for capital market operations and building the capacity... Show More

Development Objective

The principal objective of the proposed project is, through its three components (the Line of Credit, the Guarantee Facility and the Technical Assistance and Institutional Support Component), to develop the capital markets in the West Africa Economic and Monetary Union (WAEMU) region, and mobilize public and private financing for the region's infrastructure development. The project is expected to contribute to the West Africa Economic and Monetary Union (WAEMU) countries' efforts to achieve sustainable regional economic growth through the provision of efficient, region-wide infrastructure services and greater financial market integration.

Key Details

Project Details

Project ID
P074525
Status
Closed
Team Leader
Djibrilla Issa
Borrower 2
N/A

Country
Western and Central Africa
Disclosure Date
March 4, 2002
Approval Date
(as of board presentation)
February 26, 2004
Effective Date
July 29, 2005

Total Project Cost 1
US$ 408.69 million
Implementing Agency
N/A
Region
Western and Central Africa
Fiscal Year 3
2004

Commitment Amount
US$ 194.54 million
Environmental Category
F
Environmental and Social Risk
Not Applicable
Closing Date
June 30, 2012

Last Stage Reached
BANK APPROVED
Last Update Date
February 3, 2022

Associated Projects
P089120

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Private Sector Development

FY17 - Business Enabling Environment33%
- FY17 - Investment and Business Climate33%
FY17 - Regional Integration67%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
FRANCE: Ministry of Foreing Affairs (MOFA)	2.40
CANADA: Canadian International Development Agency (CIDA)	2.50
FRANCE: French Agency for Development	93.25
IDA Credit	96.39
MIGA Guarantee	70.00
Local Sources of Borrowing Country	19.60
Borrower/Recipient	54.55

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	96.39
IBRD + IDA Commitment	96.39

Lending Instrument
Grant Amount	98.15
Total Project Cost**	408.69

Summary Status of World Bank Financing (US$ Millions) as of July 31, 2025

No data available.

Detailed Financial Activity as of July 31, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Sep 1, 2021	IDA-38630	Int Charges	37.15
Sep 1, 2021	IDA-38630	Int Charges	293,912.60
Sep 1, 2021	IDA-38630	Int Charges	293,912.60
Sep 1, 2021	IDA-38630	Int Charges	12,870.10
Sep 1, 2021	IDA-38630	Int Charges	12,870.10
Feb 26, 2004	IDA-B0050	Loan Commitment	70,000,000.00
Feb 26, 2004	IDA-38630	Loan Commitment	96,390,000.00
Mar 1, 2024	IDA-38630	Int Charges	244,853.16
Mar 1, 2024	IDA-38630	Int Charges	692.58
Mar 1, 2024	IDA-38630	Int Charges	692.58
Mar 1, 2024	IDA-38630	Loan Repay	1,744,050.00
Mar 1, 2024	IDA-38630	Int Charges	244,853.16
Sep 1, 2023	IDA-38630	Int Charges	3,305.47
Sep 1, 2023	IDA-38630	Int Charges	3,305.47
Sep 1, 2023	IDA-38630	Loan Repay	874,240.20
Sep 1, 2023	IDA-38630	Int Charges	264,856.12
Sep 1, 2023	IDA-38630	Int Charges	264,856.12
Mar 1, 2023	IDA-38630	Int Charges	266,292.00
Mar 1, 2023	IDA-38630	Int Charges	266,292.00
Mar 1, 2023	IDA-38630	Int Charges	24,056.28
Mar 1, 2023	IDA-38630	Int Charges	24,056.28
Mar 1, 2023	IDA-38630	Loan Repay	876,770.80
Sep 1, 2022	IDA-38630	Int Charges	242,876.38
Sep 1, 2022	IDA-38630	Int Charges	242,876.38
Sep 1, 2013	IDA-38630	Int Charges	1,510.84
Sep 1, 2013	IDA-38630	Int Charges	371,994.47
Sep 1, 2013	IDA-38630	Int Charges	371,994.47
Jun 23, 2008	IDA-B0050	Loan Cancel	78,675,336.00
Mar 1, 2014	IDA-38630	Loan Repay	3,400.77
Mar 1, 2014	IDA-38630	Loan Repay	1,013,726.25
Mar 1, 2014	IDA-38630	Int Charges	379,391.90
Mar 1, 2014	IDA-38630	Int Charges	379,391.90
Sep 1, 2013	IDA-38630	Int Charges	-2,483.03
Sep 1, 2013	IDA-38630	Int Charges	2,483.03
Sep 1, 2013	IDA-38630	Int Charges	1,510.84
Sep 1, 2015	IDA-38630	Int Charges	58,145.41
Sep 1, 2015	IDA-38630	Int Charges	58,145.41
Sep 1, 2015	IDA-38630	Loan Repay	925,405.44
Sep 1, 2015	IDA-38630	Int Charges	336,616.20
Sep 1, 2015	IDA-38630	Int Charges	336,616.20
Mar 1, 2015	IDA-38630	Int Charges	27,145.58
Mar 1, 2015	IDA-38630	Int Charges	27,145.58
Mar 1, 2015	IDA-38630	Loan Repay	925,096.50
Mar 1, 2015	IDA-38630	Int Charges	281,847.03
Mar 1, 2015	IDA-38630	Int Charges	281,847.03
Sep 1, 2014	IDA-38630	Int Charges	1,992.66
Sep 1, 2014	IDA-38630	Int Charges	1,992.66
Sep 1, 2014	IDA-38630	Loan Repay	998,051.75
Sep 1, 2014	IDA-38630	Int Charges	341,240.40
Sep 1, 2014	IDA-38630	Int Charges	341,240.40
Sep 1, 2016	IDA-38630	Loan Repay	4,186.01
Sep 1, 2016	IDA-38630	Int Charges	326,762.62
Sep 1, 2016	IDA-38630	Int Charges	326,762.62
Sep 1, 2016	IDA-38630	Loan Repay	913,042.50
Sep 1, 2016	IDA-38630	Int Charges	18.82
Sep 1, 2016	IDA-38630	Int Charges	18.82
Mar 1, 2016	IDA-38630	Loan Repay	13,399.42
Mar 2, 2016	IDA-38630	Int Charges	326,621.97
Mar 2, 2016	IDA-38630	Int Charges	326,621.97
Mar 2, 2016	IDA-38630	Loan Repay	893,901.60
Mar 1, 2018	IDA-38630	Loan Repay	33,266.35
Mar 1, 2018	IDA-38630	Loan Repay	915,631.50
Mar 1, 2018	IDA-38630	Int Charges	327,369.75
Mar 1, 2018	IDA-38630	Int Charges	327,369.75
Sep 1, 2017	IDA-38630	Int Charges	6,714.41
Sep 1, 2017	IDA-38630	Int Charges	6,714.41
Sep 1, 2017	IDA-38630	Loan Repay	931,656.50
Sep 1, 2017	IDA-38630	Int Charges	324,915.22
Sep 1, 2017	IDA-38630	Int Charges	324,915.22
Mar 1, 2017	IDA-38630	Loan Repay	3,361.43
Mar 1, 2017	IDA-38630	Loan Repay	882,999.60
Mar 1, 2017	IDA-38630	Int Charges	306,054.28
Mar 1, 2017	IDA-38630	Int Charges	306,054.28
Mar 1, 2019	IDA-38630	Loan Repay	914,190.90
Mar 1, 2019	IDA-38630	Int Charges	190.51
Mar 1, 2019	IDA-38630	Int Charges	190.51
Mar 1, 2019	IDA-38630	Int Charges	294,935.10
Mar 1, 2019	IDA-38630	Int Charges	294,935.10
Mar 1, 2019	IDA-38630	Loan Repay	2,419.73
Sep 1, 2018	IDA-38630	Loan Repay	2,206.53
Sep 11, 2018	IDA-38630	Loan Repay	916,080.50
Sep 11, 2018	IDA-38630	Int Charges	313,363.12
Sep 11, 2018	IDA-38630	Int Charges	313,363.12
Mar 3, 2021	IDA-38630	Loan Repay	900,645.80
Mar 3, 2021	IDA-38630	Int Charges	291,674.62
Mar 3, 2021	IDA-38630	Int Charges	291,674.62
Mar 1, 2021	IDA-38630	Loan Repay	44,055.25
Sep 1, 2020	IDA-38630	Int Charges	16,677.51
Sep 1, 2020	IDA-38630	Int Charges	16,677.51
Sep 1, 2020	IDA-38630	Loan Repay	935,712.10
Sep 1, 2020	IDA-38630	Int Charges	305,276.06
Sep 1, 2020	IDA-38630	Int Charges	305,276.06
Mar 1, 2020	IDA-38630	Int Charges	14,628.62
Mar 1, 2020	IDA-38630	Int Charges	14,628.62
Mar 1, 2020	IDA-38630	Loan Repay	902,675.56
Mar 1, 2020	IDA-38630	Int Charges	281,794.28
Mar 1, 2020	IDA-38630	Int Charges	281,794.28
Sep 1, 2019	IDA-38630	Int Charges	285,608.28
Sep 1, 2019	IDA-38630	Int Charges	285,608.28
Sep 1, 2019	IDA-38630	Int Charges	14,150.67
Sep 1, 2019	IDA-38630	Int Charges	14,150.67
Sep 1, 2019	IDA-38630	Loan Repay	899,428.44
Sep 1, 2022	IDA-38630	Int Charges	10,389.29
Sep 1, 2022	IDA-38630	Int Charges	10,389.29
Sep 1, 2022	IDA-38630	Loan Repay	855,763.06
Mar 1, 2022	IDA-38630	Int Charges	4,197.02
Mar 1, 2022	IDA-38630	Int Charges	4,197.02
Mar 1, 2022	IDA-38630	Loan Repay	916,781.50
Mar 1, 2022	IDA-38630	Int Charges	277,656.10
Mar 1, 2022	IDA-38630	Int Charges	277,656.10
Sep 1, 2021	IDA-38630	Loan Repay	935,514.94
Sep 1, 2021	IDA-38630	Int Charges	37.15

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Progress towards achievement of PDO	Moderately Satisfactory	2012-07-07
Procurement	Satisfactory	2012-07-07
Counterpart Funding	Moderately Satisfactory	2012-07-07
Project Management	Satisfactory	2012-07-07
Financial Management	Satisfactory	2012-07-07
Monitoring and Evaluation	Satisfactory	2012-07-07
Overall Implementation Progress (IP)	Moderately Satisfactory	2012-07-07

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 02-28-2013
Outcomes	Moderately Unsatisfactory
Risk to Development Outcome	Modest
Bank Performance	Moderately Unsatisfactory
Borrower Performance	Moderately Satisfactory
Government Performance	Moderately Satisfactory
Implementing Agency	Moderately Satisfactory

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 09-17-2013	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Moderately Satisfactory	N/a
Risk To Development Outcome	Moderate	N/a
Bank Performance	Unsatisfactory	N/a
Borrower Performance	Moderately Satisfactory	N/a
Government Performance	Moderately Satisfactory	N/a
Implementing Agency	Moderately Satisfactory	N/a
Icr Quality	Satisfactory	N/a
M&e Quality	Negligible	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Number of companies issuing bonds in the regional market (due to new rules and fee structure	Value	25 bonds issuance in regional capital market	56	50 bonds issuance in regional capital market
	Date	December 31, 2007	May 31, 2012	June 30, 2012
	Comment		This target has been reached. Many firms including from CI have raised capital in the regional bond market. This number excludethe 7 governments (only Guinea Bissau does not issue bonds) who now regularity issue bonds

Number of companies listed in the regional stock market (due to new rules and fee structure)	Value	38 listed companies	39	50 listed companies
	Date	December 31, 2007	May 31, 2012	June 30, 2012
	Comment		This indicators has not progressed much. Although the market has become more regional with companies from other countries listed.

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

BOAD publicly issues at least CFAF 10 billion bond per year in the regional capital market in 2004 and thereafter.	Value	Baseline provided by BOAD: Around CFAF7 bio bonds	CFAF 43 billion	Target of CFAF 10 billion per year
	Date	December 31, 2004	May 31, 2012	June 30, 2012
	Comment		Target exceeded

From the mid-term review, CREMPF shall inspect at least once a year the Commercial Financial Intermediaries, BRVM and DC/BR.	Value	Currently inspection are far apart	40% of intermediaries inspected in 2012.	regular inspections conducted
	Date	July 29, 2005	May 31, 2012	June 30, 2012
	Comment		Target met. The regulator has resumed normal operation toward early 2012 after being forced out of Cote d'Ivoire in 2011. As ofMay31, 2012, they have performed 40% of their work program. At this pace, they will complete the 100% inspection by the end of thecalendar year.

BOAD is rated by international rating agencies by 2010	Value	BOAD has been shadow Rated	BOAD has submitted rating memo to rating agencies	BOAD is rated an improves by two notches compared
	Date	December 31, 2007	May 31, 2012	June 30, 2012
	Comment

Definition of and compliance with a prudential framework by BOAD, in line with internationally accepted best practices	Value	No rules and internationally accepted standards in	Target met. BOAD's board adopted new rules, includ	New rules and standards defined and implemented
	Date	December 31, 2007	May 31, 2011	June 30, 2012
	Comment

Timely approval and adoption by monetary authorities of new rules and regulations for credit ratings in relation to the removal andsubstantial relaxation of bank guarantee requirement	Value	100% guarantee is reguired for bond issuance	Guarantee requirement rule repealed and new disclo	Rating system in effect and Guarantee requirement
	Date	December 31, 2007	May 31, 2012	June 30, 2012
	Comment		Target Met. The resources have been used to finance public infrastructure and private sector projects.	Target met

Timely approval and adoption by the UEMOA Commission of harmonized taxes regimes on financial products	Value	Taxes on financial products not harmonized across	Tax harmonization approved and implemented in 6 ou	New taxes regime implemented by all countries
	Date	December 31, 2007	May 31, 2012	June 30, 2012
	Comment		Target met. The law has been adopted by the regional council of ministers in Nov 2009, each country has now to enact incorporatethe law into its domestic legislation and have it approved by parliament. So far 6 of the 8 countries have done so.

Amount of Line of Credit disbursed to regional infrastructures projects (in compliance with IDA fiduciary system)	Value	No disbursement on the line of credit	95%	100% disbursed
	Date	December 31, 2007	May 31, 2012	June 30, 2012
	Comment			The 100% target will be met. More disbursements is expected by June and during the grace period as civil works will deliveredbefore project closing date.