By Stacy Boit,

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.

The partnership focuses on advancing the Global AgriConnect initiative and pioneering cashew-backed sustainable bonds to modernize regional agriculture. By targeting co-financing for renewable energy, gas, and water management, the institutions aim to bolster infrastructure while exploring affordable housing solutions for WAEMU populations. Additionally, the development of a novel XOF–EUR cross-currency mechanism is set to significantly expand financing capacity and liquidity across the sub-region.