BOAD approves $570 million in new financing to support economic growth across West Africa

The West African Development Bank (BOAD) has approved 11 new financing operations worth a total of 344 billion CFA francs (around $570 million), as the regional lender expands support for economic development projects across the West African Economic and Monetary Union (WAEMU).

The approvals were made during the bank’s 150th Board of Directors meeting and bring BOAD’s total financing commitments since its creation in 1973 to 10.834 trillion CFA francs.

The newly approved projects are focused on key sectors considered critical to regional economic growth, including agriculture, energy, infrastructure development and private sector financing.

In the agricultural sector, financing will support development initiatives in Niger and Togo aimed at strengthening food production and improving rural economic activity. Energy projects in Mali, Burkina Faso and Niger are also among the priorities, with investments expected to improve electricity access and strengthen energy security.

In Côte d’Ivoire, BOAD will support infrastructure development and financing mechanisms aimed at improving access to capital for small and medium-sized enterprises (SMEs), a sector considered essential for job creation and economic diversification.

The regional development bank said these investments reflect its commitment to promoting inclusive growth, strengthening economic resilience and supporting strategic projects that contribute to long-term development across West Africa.

BOAD, based in Lomé, Togo, plays a central role in financing development projects among the eight member states of the WAEMU, including Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.

As West African economies face challenges linked to infrastructure gaps, energy needs and climate pressures, the bank has increasingly focused its financing on projects that support sustainable growth and regional integration.

The latest approvals reinforce BOAD’s position as a major financial institution supporting economic transformation in the region, helping governments and private actors accelerate investment in critical sectors.