The West African Development Bank (BOAD) and the International Finance Corporation (IFC) are enhancing their partnership to stimulate development and create jobs in the West African Economic and Monetary Union (WAEMU). This strategic collaboration was reaffirmed during a recent high-level meeting at BOAD’s headquarters in Lomé.
Strengthening the Partnership Between BOAD and IFC
The meeting was led by Serge Ekué, BOAD’s President, and Ethiopis Tafara, IFC’s Vice President for Africa. It gathered regional experts from both organizations to discuss an ambitious agenda aimed at pivotal sectors for regional growth.
Key Focus Areas
The discussions concentrated on four main areas:
- Agriculture and Food Security: Both institutions looked into collaborations under the World Bank Group’s Global AgriConnect initiative and the possibility of WAEMU sustainable bonds linked to the cashew value chain.
- Energy and Natural Resources: The focus here was on co-financing renewable energy and gas initiatives, as well as managing sustainable water resources.
- Innovative Financing: Teams explored a new cross-currency financing mechanism between XOF and EUR to enhance the financial capabilities of both institutions.
- Affordable Housing: Opportunities to finance affordable housing projects were discussed, aiming to benefit populations in WAEMU member countries.
Concrete Action Plan Ahead
Following the gathering, BOAD and IFC agreed on a concrete action plan that includes priority co-financing projects. This plan will detail BOAD’s involvement in the Global AgriConnect initiative and a roadmap for developing innovative financial instruments.
A Vision for Sustainable Development
This strategic dialogue reflects the joint goal of BOAD and IFC to address poverty, create employment, and improve living conditions throughout WAEMU.
About the West African Development Bank (BOAD)
BOAD serves as the development finance institution for the member countries of the West African Monetary Union. Its mission is to promote balanced economic development and regional integration through financing priority projects. BOAD actively participates in international climate finance discussions and holds a unique place in sustainable development initiatives.
About the International Finance Corporation (IFC)
As a member of the World Bank Group, IFC focuses on private-sector development in emerging markets. With a commitment of $71.7 billion to private entities in fiscal year 2025, it aims to foster economic opportunities and combat poverty in developing countries.
The collaboration between BOAD and IFC is set to pave the way for transformative projects that can positively impact the economies of WAEMU member states.
