In Lomé, Togo, the West African Development Bank (BOAD) and the International Finance Corporation (IFC) have reinforced their strategic partnership following a high-level working session aimed at advancing development and job creation across the West African Economic and Monetary Union (WAEMU).
Held at BOAD’s headquarters in Lomé, the meeting was led by BOAD President Serge Ekué and IFC Vice President for Africa Ethiopis Tafara. It convened senior regional and sectoral teams from both institutions to align on priority sectors critical to the region’s growth, including energy, agriculture, natural resources, and innovative financing.
Both institutions highlighted their longstanding collaboration, marked by joint financing of high-impact projects that support private sector development across WAEMU. The partnership is closely aligned with their shared objective of tackling structural challenges such as energy access deficits, sustainable resource management, and agricultural productivity.
The discussions were structured around four key pillars:
The meeting concluded with an agreement on a concrete action plan, outlining priority co-financing projects, BOAD’s participation framework in the AgriConnect initiative, and a roadmap for developing new financial instruments.
The renewed engagement signals a strengthened commitment by BOAD and IFC to accelerate inclusive growth, reduce poverty, and improve living standards across WAEMU economies.
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.
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