BOAD, IFC Strengthen Strategic Partnership to Support Development, Drive Jobs Creation, Growth in WAEMU
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:
- Agriculture and food security: The institutions examined collaboration under the World Bank Group’s Global AgriConnect initiative and assessed the potential issuance of WAEMU sustainable bonds linked to the cashew value chain.
- Energy and natural resources: Talks focused on co-financing renewable energy and gas projects, alongside initiatives for sustainable water resource management.
- Innovative financing: Both sides explored the feasibility of a cross-currency XOF–EUR financing mechanism to expand funding capacity in the subregion.
- Affordable housing: Opportunities to scale financing for affordable housing across WAEMU member states were also discussed.
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.
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.
