West Africa Gets New Funding Push as IFC and BOAD Sign 600 Million Euro Deal

Mintesinot Niggusie

West African businesses and infrastructure projects are set to receive a fresh financing boost after the West African Development Bank (BOAD) and the International Finance Corporation (IFC) agreed on a funding arrangement worth up to 600 million euros aimed at expanding access to long-term investment capital across the region.

The agreement, announced at the Africa CEO Forum in Kigali, brings together the World Bank Group’s private sector arm and the regional development bank to support lending in key sectors including energy, agriculture, transport, housing and urban development across the West African Economic and Monetary Union (WAEMU).

Under the arrangement, IFC will provide BOAD with long-term euro funding to help expand its lending capacity across member states. In return, BOAD will extend a West African CFA franc facility to IFC, designed to support local currency financing for development projects in the region.

The two institutions said the structure is intended to make more financing available in local currency, reducing foreign exchange risks for businesses that earn revenue in CFA francs. It also aims to address a long-standing constraint in the region where most bank lending remains short-term.

BOAD President Serge Ekué said strengthening access to long-term local currency funding is a central part of the bank’s 2026–2030 strategic plan, adding that the partnership would help expand support for the private sector across all eight WAEMU member countries.

IFC Managing Director Makhtar Diop described the arrangement as a milestone in cooperation between development finance institutions, saying it would help expand lending, improve financing efficiency and support job creation across the region.