Strengthening Partnerships for Sustainable Development in West Africa
The West African Development Bank (BOAD) and the International Finance Corporation (IFC), a key member of the World Bank Group, are furthering their partnership aimed at fostering economic opportunities and job creation in the West African Economic and Monetary Union (WAEMU). Their recent high-level working session took place at BOAD’s headquarters in Lomé, focusing on transformative projects critical for the region’s growth.
Collaborative Efforts Under New Leadership
Under the leadership of Serge Ekué, President of BOAD, and Ethiopis Tafara, Vice President for Africa at IFC, both institutions’ management teams convened to advance their strategic agenda. This collaboration is centered around essential sectors identified for regional development: energy, agriculture, natural resources, and innovative financing mechanisms.
Long-standing Partnership Yields Results
For years, BOAD and IFC have worked together on various high-impact co-financing operations aimed at promoting private sector growth across the subregion. This collaboration directly addresses significant challenges faced by WAEMU, including improving energy access, ensuring sustainable management of natural resources, and driving agricultural reform.
Strategic Discussions on Key Development Areas
During the meeting, structured discussions focused on four main priority areas:
Agriculture and Food Security
The two institutions assessed opportunities under the Global AgriConnect (GAP) initiative from the World Bank Group. They also explored the possibility of launching WAEMU sustainable bonds linked to the cashew value chain, presenting a novel financing opportunity for the region.
Energy and Natural Resources
Joint discussions targeted co-financing opportunities in renewable energy projects and the sustainable management of water resources, emphasizing the importance of clean energy transitions for the region.
Innovative Financing Mechanisms
Teams evaluated the feasibility of a cross-currency financing mechanism utilizing XOF and EUR, aiming to enhance the financial capabilities of both institutions and cater to the growing needs in West Africa.
Affordable Housing Solutions
The meeting also opened avenues for exploring funding mechanisms that would support affordable housing for populations across WAEMU member states, addressing critical housing shortages in the region.
Action Plan and Future Initiatives
In conclusion, a concrete action plan was established. This plan outlines priority co-financing projects, the terms of BOAD’s involvement in the GAP initiative, and a roadmap for developing innovative financial tools tailored for regional needs. This strategic dialogue reinforces BOAD and IFC’s commitment to alleviating poverty, creating jobs, and enhancing living standards across WAEMU.
About BOAD
The West African Development Bank (BOAD) serves as the development finance institution for the member countries of the West African Monetary Union (WAMU). Its mission is to promote balanced development and economic integration by financing priority development projects. BOAD is recognized for its active role in climate finance, participating as an observer in UNFCCC discussions and co-chairing the International Development Finance Club.
About IFC
The International Finance Corporation (IFC) is a pivotal institution in emerging markets, focusing on the private sector. Operating in over 100 countries, IFC leverages its expertise and financial resources to foster market growth and improve conditions for poverty reduction. In fiscal year 2025, IFC committed a record $71.7 billion to private enterprises and financial institutions, enhancing its role in driving sustainable development.
Distributed by APO Group on behalf of Banque Ouest Africaine de Développement (BOAD).
