BOAD: the West African Development Bank and its financing
What is the BOAD?
The BOAD (West African Development Bank) is the common development financing institution of the eight WAEMU states. Created in 1973, it has its headquarters in Lomé, Togo. Its mission is to promote balanced development of the member states and to contribute to the economic integration of West Africa.
Shareholders and governance of the BOAD
The regional shareholders are the eight states of the Union, namely Benin, Burkina Faso, Ivory Coast (Côte d'Ivoire), Guinea-Bissau, Mali, Niger, Senegal and Togo, together with the BCEAO. Non-regional shareholders complete the capital: France, Germany through KfW, the European Investment Bank, the African Development Bank, Belgium, India, China and Morocco.
The Board of Directors is chaired by the President of the Bank. Serge Ekue, who took office on 28 August 2020, chaired its 152nd session in Lomé, in hybrid format, in September 2026. The WAMU Council of Ministers decides statutory matters: in July 2026 it thus considered a request for a derogation from the Bank's territoriality principle, then, in October, the waiver of its immunities and privileges to facilitate the mobilisation of financing.
BOAD financing: instruments and sectors
The BOAD grants long- and medium-term loans, short-term financing, equity stakes in companies or financial institutions, guarantees on bond issues and credit lines intended for small and medium-sized enterprises. It also finances feasibility studies, subsidises interest for the non-market sector and offers financial advice and assistance with project preparation.
The sectors supported are agriculture, infrastructure, industry, energy, hydrocarbons, financial inclusion and the private sector. Cumulative financing committed since 1973 stands at FCFA 10,991.6 billion, according to the BOAD in September 2026, and the session that month approved new operations worth FCFA 157.5 billion.
Strategic priorities of the BOAD
The Djoliba 2021-2025 plan has given way to the Djoliba 2026-2030 cycle, with an envelope of FCFA 6,500 billion over five years. This cycle comes with a restructuring of the Bank's operating model.
To mobilise resources, it relies on bond issues, including one of €750 million over twelve years in January 2021, and on partners such as the French Development Agency, KfW, the African Development Bank, the Italian institution CDP and the China Development Bank. A regional programme called Djiguiya 2026-2028 mobilises FCFA 200 billion.
Projects supported by the BOAD
Operations approved in September 2026 include FCFA 45 billion for the third phase of an agricultural mechanisation and irrigation programme in Togo, FCFA 30 billion for the first tranche of the Safim-Jugudul road in Guinea-Bissau, FCFA 37 billion for the Lomé oil complex and FCFA 10 billion for a cement plant in Ouagadougou. Benin receives FCFA 17.5 billion for energy assets, Mali an FCFA 8 billion loan for hydrocarbons, and an Ivorian institution a FCFA 10 billion refinancing line for small businesses.