BOAD and IFC Deepen Partnership to Drive Energy, Agriculture, and Innovative Financing Across West Africa

High-level session in Lomé charts a concrete action plan for co-financing transformative projects across WAEMU’s most critical development sectors

The West African Development Bank and the International Finance Corporation held a high-level working session at BOAD’s headquarters in Lomé, bringing together the regional and sectoral leadership of both institutions to advance a strengthened partnership focused on inclusive and sustainable development across the West African Economic and Monetary Union.

Led by BOAD President Serge Ekué and IFC Vice President for Africa Ethiopis Tafara, the meeting built on years of established co-financing cooperation to map out an ambitious new phase of collaboration across four priority areas: agriculture and food security, energy and natural resources, innovative financing instruments, and affordable housing.

Cashew Bonds and Cross-Currency Mechanisms Signal Financial Innovation

Among the more distinctive proposals to emerge from the discussions was the exploration of WAEMU sustainable bonds backed by the cashew value chain — a novel instrument that would link capital market financing to one of West Africa’s most important agricultural commodities. The two institutions also assessed the feasibility of a cross-currency XOF-EUR financing mechanism designed to expand the financing capacity of both BOAD and IFC within the sub-region, a technical innovation that could meaningfully widen access to development capital in WAEMU member states.

Energy, Agriculture, and Housing on the Agenda

On energy, discussions centred on co-financing opportunities in renewable energy and gas projects alongside sustainable water resource management — sectors where the financing gap remains a significant constraint on regional development. Agricultural transformation featured prominently through collaboration opportunities under the World Bank Group’s Global AgriConnect initiative, reflecting both institutions’ recognition that food security underpins broader economic stability across the sub-region.

Affordable housing financing for WAEMU populations was also explored, extending the partnership’s reach beyond traditional infrastructure and productive sector investment into the social and community development space.

A Concrete Action Plan Agreed

The session concluded with both institutions committing to a concrete action plan outlining priority co-financing projects, the terms of BOAD’s participation in the Global AgriConnect initiative, and a roadmap for developing the innovative financial instruments under consideration. The outcome reflects a shared determination to move from dialogue to implementation on a partnership that both sides describe as central to reducing poverty, creating jobs, and improving living conditions across the eight WAEMU member countries.