LOMÉ, Togo — The West African Development Bank (BOAD) 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.
