International Development Grant
West Africa Regional Market Development
Project Number: CA-3-A032183001
Status: Closed
Country/Region: Unknown
Regional Focus:
Maximum Contribution: $3,100,000.00
Start Date: March 18, 2005
End Date: June 29, 2012
Duration: 7.3 years
Project Description
The goal of the project is to help reduce poverty and to contribute to sustainable economic and monetary growth within the West African Economic and Monetary Union (WAEMU). Its purpose is to increase the WAEMU market's credibility and performance by mobilizing more public savings in an environment conducive to the transparency security and integrity of transactions. This US$ 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.
Progress & Results Achieved
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.
Key Information
Executing Agency:
World Bank
Reporting Organization:
Global Affairs Canada
Program:
WGM Africa
Last Modified:
September 19, 2025
Development Classifications
DAC Sector:
Aid Type: Contributions to specific-purpose programmes and funds managed by implementing partners
Collaboration: Bilateral
Finance Type: Aid grant excluding debt reorganisation
Selection Mechanism:
Pre-APP