West African Development Bank (BOAD) and International Finance Corporation (IFC) strengthen their strategic partnership to support development and job creation across West African Economic and Monetary Union (WAEMU)

 

The West African Development Bank (BOAD) (www.BOAD.org) and the International Finance Corporation (IFC), a member of the World Bank Group, held a high-level working session today at BOAD’s headquarters in Lomé to further strengthen their partnership in support of transformative projects driving growth and job creation.

Under the leadership of Serge Ekué, President of BOAD, and Ethiopis Tafara, IFC Vice President for Africa, this meeting brought together the regional and sectoral management teams of both institutions around an ambitious agenda aimed at strengthening their cooperation in key sectors for regional development: energy, agriculture, natural resources, and innovative financing instruments.

For several years, BOAD and the IFC have maintained a strong partnership, evidenced by high-impact co-financing operations supporting private sector development across the subregion. This collaboration aligns with both institutions’ strategies to address key challenges facing the West African Economic and Monetary Union (WAEMU), including improving access to energy, ensuring sustainable natural resource management, and advancing agricultural transformation.

Today’s meeting marks a new milestone in strengthening this collaboration and paves the way for enhanced initiatives aimed at fostering inclusive and sustainable development.

Structured discussions around four priority areas

Agriculture and food security: The two institutions explored collaboration opportunities under the World Bank Group’s Global AgriConnect (GAP) initiative, as well as the feasibility of issuing WAEMU sustainable bonds backed by the cashew value chain—an innovative instrument for the region.

Energy and natural resources: Discussions focused on co-financing opportunities in renewable energy and gas projects, as well as sustainable water resource management.

Innovative financing: Teams assessed the feasibility of a cross-currency XOF–EUR financing mechanism, a novel initiative designed to expand the financing capacity of both institutions in the sub-region.

Affordable housing: Opportunities to support affordable housing financing for populations across WAEMU member countries were also explored.

Towards a concrete action plan

Following the meeting, the two institutions agreed on a concrete action plan outlining priority co-financing projects, the terms of BOAD’s participation in the GAP initiative, and a roadmap for developing envisaged innovative financial instruments.

This strategic dialogue reflects the shared vision of BOAD and IFC to further contribute to reducing poverty, creating jobs, and improving living conditions across WAEMU.

Distributed by APO Group on behalf of Banque Ouest Africaine de Développement (BOAD).

About the West African Development Bank (BOAD): 
The West African Development Bank (BOAD) is the common development finance institution of the member countries of the West African Monetary Union (WAMU). It is an international public institution whose purpose, as provided under Article 2 of its Articles of Association, is to promote the balanced development of its member countries and foster economic integration within West Africa by financing priority development projects. It is accredited to the three climate finance facilities (GEF, AF, GCF). Since 2009, BOAD sits as an observer at the UNFCCC and actively participates in discussions on devising an international climate finance system. Since January 2013, it has been home to the first Regional Collaboration Centre (RCC) on Clean Development Mechanism (CDM), whose aim is to provide direct support to governments, NGOs and the private sector in identifying and developing CDM projects. Since 15 October 2023, the Bank has been co-chairing the International Development Finance Club (IDFC) and has been holding the club’s sole presidency as of 27 February 2025. This Club brings together 27 national, regional and multilateral development banks from around the world.

About the International Finance Corporation (IFC): 
The International Finance Corporation (IFC), a member of the World Bank Group, is the leading private-sector-focused development institution in emerging economies. It operates in more than 100 countries, dedicating its capital, expertise, and influence to creating markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private-sector solutions and mobilizing private capital to create a world without poverty on a livable planet. For more information, visit www.IFC.org.