BOAD Approves Major Funding Boost to Drive West African Development

The West African Development Bank (BOAD) continues its offensive in favor of regional investment. Meeting on June 26th, 2026 in Lomé under the chairmanship of Serge Ekue, the institution’s Board of Directors approved eleven new operations representing a total amount of 344.577 billion FCFA, bringing the cumulative volume of financing granted by the bank since its creation in 1973 to 10,834.1 billion FCFA.

This 151st ordinary session, organized in hybrid format, also allowed the Council to issue a favorable opinion on several strategic issues, including the state of debt recovery as of May 31st, 2026, a derogation from the principle of territoriality of BOAD interventions in the context of competitions intended for the International Finance Corporation (IFC) and PROPARCO, as well as the lifting of the institution’s immunities and privileges for the implementation of a third competition for Sumitomo Mitsui Banking Corporation (SMBC).

The directors also took note of the mid-term review of the financial forecasts for the 2026 financial year, the annual report on the Principles for Responsible Banking (PRB) of the UNEP Finance Initiative, and the minutes of the last session of the WAEMU Council of Ministers.

The new funding package confirms BOAD’s strategic priorities: food sovereignty, infrastructure, energy, industrialization and private sector development

In the agricultural sector, BOAD is mobilizing 70 billion FCFA to strengthen food security with two major projects: 30 billion FCFA allocated to the National Office for Hydro-Agricultural Development (ONAHA) in Niger to increase irrigated areas, and 40 billion FCFA for the second phase of the Agricultural Mechanization and Irrigation Support Program (ProMAI) in Togo.

Transport infrastructure is also receiving significant support. Burkina Faso is securing 20 billion CFA francs for the first phase of the Ouagadougou Multimodal Dry Port, designed to facilitate trade. In Côte d’Ivoire, 50 billion CFA francs will enable Air Côte d’Ivoire to acquire four Airbus A319s to strengthen its regional network and consolidate its position as a leading airline in West and Central Africa.

The energy transition remains one of the BOAD’s main areas of intervention. Mali is receiving 44.368 billion CFA francs for the construction of a 50 MWp photovoltaic solar power plant, equipped with a 25 MW/50 MWh storage system, in the Koulikoro region. In Burkina Faso, 45 billion CFA francs will finance the fifth phase of the expansion of the Komsilga thermal power plant, while Niger is receiving 30.609 billion CFA francs to strengthen its electricity production capacity through diesel power plants and mini solar power plants with battery storage.

The productive sector is also benefiting. In Benin, 16.6 billion CFA francs will finance the expansion of production capacity at the Société des Ciments du Bénin (SCB) in the Sèmè-Podji industrial zone. Mali is receiving 48 billion CFA francs to strengthen its school infrastructure, as well as a 10 billion CFA franc refinancing line for BSIC Mali to support MSMEs, green investments, and women’s entrepreneurship. A similar allocation of 10 billion CFA francs is being granted to BSIC Burkina Faso to support Burkinabe SMEs and SMIs.

The Board of Directors also approved the sale of the debt held by BOAD against the Compagnie d’Électricité du Sénégal (CES SA), thus continuing the active management of the bank’s portfolio.

In closing the proceedings, the Chairman of the Board of Directors, Serge Ekue, commended the quality of the proposals prepared by the technical teams and reaffirmed BOAD’s commitment to supporting the Union’s structuring investments. With over 10,800 billion CFA francs committed since its inception, the WAEMU development bank confirms its role as the primary catalyst for financing regional development in a context marked by growing needs for infrastructure, energy sovereignty, and the transformation of West African economies.

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(Featured image by Dominic Chasse via Unsplash)

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First published in Financial Afrik. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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