Project profile — West Africa Regional Market Development

• South of Sahara, regional (100.00%)

• Financial policy and administrative management:
Financial policy and administrative management (24010) (25.00%)
Monetary institutions (24020) (15.00%)
Formal sector financial intermediaries (24030) (15.00%)
Informal/semi-formal financial intermediaries (24040) (15.00%)
Education/training in banking and financial services (24081) (15.00%)
• Business And Other Services: Business support services and institutions (25010) (15.00%)

• Gender equality (not targeted)
• Environmental sustainability (cross-cutting) (not targeted)
• Participatory development and good governance (significant objective)
• Trade development (not targeted)
• Biodiversity (not targeted)
• Climate change mitigation (not targeted)
• Climate Change Adaptation (not targeted)
• Urban issues (not targeted)
• Desertification (not targeted)
• Children's issues (not targeted)
• Youth Issues (not targeted)
• Indigenous Issues (not targeted)
• Disability (not targeted)
• ICT as a tool for development (not targeted)

The goal of the project is to help reduce poverty and to contribute to sustainable economic and monetary growth, within the West African Economic and Monetary Union (WAEMU). Its purpose is to increase the WAEMU market's credibility and performance by mobilizing more public savings in an environment conducive to the transparency, security, and integrity of transactions. This US$ 408 million program was developed with the support of the West African Development Bank (WADB) and the World Bank. The bulk of this funding is allocated for regional infrastructure (paving of dirt roads, repairing roads, hydro and irrigation dams). This comprehensive program has three components: technical assistance and institutional support, development loans, and a guarantee facility. Canada's support focused on technical assistance and institutional support.

N/A

Results achieved as of the end of the project (January 2012): A) For the “Conseil Régional de l’Épargne Publique et des Marchés Financiers” [regional council on public savings and financial markets] – Reforms of the securities system, and the introduction of the regional financial market reporting system, have been completed. Taxation of securities in the WAEMU zone has been harmonized. The establishment of an appropriate legal framework for the mortgage market in the WAEMU zone has been completed. The review of statutory instruments for the regional financial market has been completed. The review of market rate setting has been completed to improve competitiveness. These results have allowed greater efficiency for regional market institutions, more effective control of market activities, and improved operation of market institutions, which was deemed satisfactory according to the latest assessment by the International Association of Securities Commission. B) For the West African Development Bank (WADB) – The Bank’s financial risk management meets international standards. The Bank has modernized its rules and procedures for procuring goods and services. A savings protection fund has been established. The WADB has increased its capital level and improved its shareholder structure.

• Proactive disclosure