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West African Development Bank

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uuid0000p31

Namestring
West African Development Bank
Legal namestring
Banque Ouest Africaine de Développement (BOAD) - West African Development Bank
Company typeenum
Private
Founded yearint
1973
Descriptiontext

BOAD (Banque Ouest Africaine de Développement / West African Development Bank) is the multilateral development bank created by treaty in 1973 (operational since 1976) and headquartered in Lomé, Togo. It is the sole MDB dedicated to the eight member states of the West African Economic and Monetary Union (UEMOA/WAEMU): Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. Its mandate is to finance the balanced economic development and regional integration of WAEMU through long-term lending, guarantees, equity participations, and intermediation services directed at sovereigns, public establishments, regional organizations, large private corporates, and — via National Financial Institutions — SMEs.

The bank's product stack includes direct short-, medium- and long-term loans, bond guarantees, interbank guarantees, equity participations, and structured intermediation. Proprietary capabilities include BOAD Titrisation (the first FCTC management company licensed by AMF UMOA, established 2011), the UNFCCC Regional Collaboration Centre of Lomé (the first of six CRCs worldwide, covering 26 francophone West and Central African countries, established January 2013), the Fonds de Développement Énergie (FDE, 2009), the Fonds de Transformation Digitale (FTD, with KfW), and pioneering EUR/XOF cross-currency swap instruments with IFC (up to €600m, May 2026) and PROPARCO (€200m, May 2026). Information systems are certified ISO 27001 and IFACI. BOAD is accredited with the three major climate funds (GEF, AF, GCF) and channels climate finance through the West African Carbon Markets and Climate Finance Alliance (CI-ACA). Distribution is hybrid: direct sovereign and large-corporate engagement supported by eight resident missions, plus an indirect SME channel via National Financial Institutions and dedicated vehicles (GARI guarantee fund, CAURIS private equity, Fonds Agricole pour l'Afrique).

BOAD's business model is funded through shareholder capital (Serie A held by the 8 WAEMU states + BCEAO; Serie B held by France, KfW/Germany, EIB/EU, AfDB, Belgium, Eximbank India, China, Morocco — authorized capital 1,155 billion FCFA, subscribed 1,103,650 billion FCFA as of 31/12/2022), multilateral/bilateral credit lines (FinDev Canada €20m 2023, SMBC €200m 2026, IFC up to €600m 2026, PROPARCO €200m 2026, AfDB lines 2021), and capital markets debt (notably a €1bn Rule 144A/Reg S notes offering at 6.25% in October 2025). Revenue derives from interest on loans, guarantee fees, dividend and capital-gain income from equity participations, and intermediation fees. Under the "Djoliba" 2021-2025 plan BOAD financed 244,000 jobs target, 12,700 km of roads, 12,170 ha irrigated, 380 MW and 87,700 m³/day of water; the new "Djoliba…La Suite" 2026-2030 plan targets 6,500 billion FCFA (~€10 billion) in financing — double the prior cycle — supported by an inaugural JCR "A" rating (May 2026), a 100%-owned planned private-sector subsidiary for housing, and intensified partnerships with the IFC, AFD/PROPARCO, KfW, SMBC, and AfDB.

Short descriptiontext

West African Development Bank (BOAD) is the multilateral development bank for the eight WAEMU member states, providing direct lending, guarantees, equity participations, and climate finance to sovereigns, large enterprises, and SMEs across West Africa.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
251–500
akta.pro rankint
HeadquartersLomé, Togo
HQ citystring
Lomé
HQ countrystring
Togo
Markets served

Serves global market

Offices9 records

Each record includes

City, Country, Type, Description, Source

Keyword5 values
development finance, multilateral development bank, infrastructure financing, sovereign lending, project finance
Industry5 codes
1National Development Banks & State Development Finance Institutions (DFIs)
CodeBPADACACPrimaryYes
2SBA/Government-Backed & Development Finance Loans
CodeFSAKAGAIPrimaryNo
3Housing & Urban Development Banks (Public)
CodeFSABAKAGPrimaryNo
4Direct Lending — Asset-Based Lending (ABL)
CodeFSAHAJAEPrimaryNo
5Debt Relief, Restructuring & Sovereign Advisory Programs
CodeBPADACALPrimaryNo
NAICS code4 codes
  • Commercial Banking522110
  • Depository Credit Intermediation5221
  • Savings Institutions and Other Depository Credit Intermediation52218
  • Other Financial Vehicles52599
SIC code4 codes
  • National Commercial Banks6021
  • State Commercial Banks6022
  • Short-Term Business Credit Institutions6153
  • Mortgage Bankers & Loan Correspondents6162
Product category
Multilateral Development Banking
GTM motion4 records

Each record includes

Type, Description, Source

Revenue model7 records
1Direct lending (short, medium, and long-term loans)
TypeSubscription Recurring
Description

Principal revenue stream: BOAD extends short-, medium- and long-term loans to UEMOA member states, public establishments, regional organizations, and private-sector entities for productive investments in eligible sectors (industry, transport, mining, agro-industry, energy, infrastructure, real estate, telecom, agribusiness, tourism, etc.). Pricing is project-specific based on due diligence.

boad.org
2Equity participations (prise de participation)
TypeLicensing Royalties
Description

BOAD takes equity stakes in companies and National Financial Institutions (e.g., additional participation in Cauris IV fund). Generates dividend income and capital gains.

boad.org
3Guarantee products (bond guarantees, interbank guarantees, negotiable debt securities)
TypeTransaction Fee
Description

Guarantees for bond issues on the WAEMU financial market (per CREPMF), guarantees for interbank loans, and guarantees for negotiable debt securities (treasury bills, certificates of deposit) per BCEAO rules. Tenor 2-10 years for bonds, 6 months-7 years for interbank/negotiable securities.

boad.org
4Securitization operations (BOAD Titrisation)
TypeTransaction Fee
Description

Through BOAD Titrisation (created 2011, first licensed FCTC management company in WAEMU), the group structures securitization transactions to mobilize capital for financial institutions and corporates (e.g., FTC BOAD DOLI-P 6.10% 2023-2030 mobilizing FCFA 150 billion).

boad.org
5Financing arrangement / intermediation services
TypeProfessional Services
Description

Intermediation services to mobilize resources from the WAEMU financial system for member states and private promoters; financial advisory and project preparation assistance.

boad.org
6Capital markets debt issuance
TypeSubscription Recurring
Description

BOAD raises funds via international capital markets, e.g., €1 billion Rule 144A/Reg S notes offering at 6.250% coupon completed in October 2025 to fund West African development projects.

globallegalchronicle.com
7Interest rate subsidization (bonification d'intérêts)
TypeManaged Services
Description

BOAD subsidizes borrowing conditions for non-market sector projects through its bonification fund.

boad.org
Marketing channels8 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels7 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Personnel, Operations, Technology or R&D, Infrastructure, Others
Pricing details5 tiers
1Direct loans (short/medium/long-term) with project-specific pricing
ModelOtherBilling cadenceMulti-year contract
Notes

Terms (rate, duration) negotiated per project; eligibility requires UEMOA localization, formal legal existence, private-style management/commercial accounting, satisfactory organization, and a local bank co-financing the project. Sectors: industry, transport, mining, agro-industry, energy.

boad.org
2Financing arrangement (intermediation service)
ModelOtherBilling cadencePay-as-you-go
Notes

Fees for structuring and syndicating financing on behalf of member states and private promoters; no standardized public rate.

boad.org
3Guarantee products (bond, interbank, negotiable securities)
ModelOtherBilling cadenceMulti-year contract
Notes

Tenor 2-10 years for bond guarantees; 6 months to 7 years for interbank loan guarantees and negotiable debt securities. Subject to CREPMF / BCEAO market regulations.

boad.org
4Equity participation / project equity stake
ModelOtherBilling cadencePay-as-you-go
Notes

Equity contributions in companies and National Financial Institutions; minimum sponsor equity contribution typically 25-40% of total investment (incl. working capital) for creation projects.

boad.org
5Capital markets funding (own issuance)
ModelOtherBilling cadenceMulti-year contract
Notes

BOAD raises funds via public capital markets — e.g., €1 billion Rule 144A/Reg S notes at 6.250% coupon (October 2025).

globallegalchronicle.com
GTM typeB2B
B2B
Offering typeServices
Services
Brand1 of 8 records shown
1BOAD Titrisation
Description

BOAD's wholly-owned securitization entity (created 2011) — first asset-management company licensed by AMF UMOA to manage FCTC (fonds de titrisation de créances) vehicles; promotes securitization in the UEMOA sub-region.

boad.org
+7 more records
Core offering1 text field

BOAD is the multilateral development bank of the 8 WAEMU (UEMOA) member states, extending short-, medium- and long-term loans, equity participations, guarantees (bond, interbank, negotiable securities), and financial advisory / financing arrangement services to sovereigns, public establishments, regional organizations, and private-sector promoters. It funds productive investments across industry, transport, mining, agro-industry, energy, infrastructure, real estate, telecoms, agribusiness, and tourism, and complements direct lending with securitization (BOAD Titrisation) and dedicated vehicles (FDE, FTD, CAURIS, GARI, FAA).

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 of 11 values shown
  • 6,500 billion FCFA (~10 billion euros) targeted financing for 2026-2030 under 'Djoliba… la Suite' — double the previous cycle
+10 more records
Product overview1 text field

No product or service information supported by a resolvable source ID is available in the provided input.

Product and service11 records
1Direct Loans (short, medium, and long-term)
CategoryDirect Lending
Description

Principal financing product: short-, medium- and long-term loans extended to WAEMU member states, public establishments, regional organizations, and private-sector entities for productive investments across industry, transport, mining, agro-industry, energy, infrastructure, real estate, telecoms, agribusiness, tourism, BTP, fisheries, and livestock.

2Equity Participations (prise de participation)
CategoryEquity Investments
Description

Equity stakes taken in companies and National Financial Institutions (e.g., additional participation in Cauris IV fund of 10 billion FCFA in 2025). Generates dividend income and capital gains.

3Guarantee Products (bond, interbank, negotiable debt securities)
CategoryGuarantees
Description

Guarantees for bond issues on the WAEMU financial market (per CREPMF), guarantees for interbank loans, and guarantees for negotiable debt securities (treasury bills, certificates of deposit) per BCEAO rules.

4BOAD Titrisation Securitization Services
CategorySecuritization / Capital Markets
Description

Securitization operations through BOAD Titrisation — pools financial assets (mortgages, receivables, debts) and transforms them into tradable securities for regional/international markets, enabling capital mobilization for financial institutions and corporates.

5Financing Arrangement / Intermediation Services
CategoryAdvisory / Intermediation
Description

Intermediation services to mobilize resources from the WAEMU financial system for member states and private promoters; financial advisory and project preparation assistance.

6Fonds de Développement Énergie (FDE)
CategoryConcessional Climate / Energy Fund
Description

BOAD-managed concessional energy-development fund that finances Initiative Régionale pour l'Énergie Durable (IRED)-eligible energy projects at concessional terms in UEMOA.

7Fonds de Transformation Digitale (FTD)
CategoryDigital Transformation Fund
Description

BOAD's digital transformation fund co-developed with KfW for WAEMU member states (ftd.boad.org), accompanying countries in their digital transformation efforts.

8CAURIS Private Equity Funds (CAURIS Croissance / Cauris IV)
CategoryPrivate Equity / SME Finance
Description

Private equity fund manager targeting growth-stage SMEs/PMIs in UEMOA and expansion into ECOWAS (ex-Nigeria) and francophone Central Africa; supports job and wealth creation.

9Fonds GARI (Garantie des Investissements Privés en Afrique de l'Ouest)
CategorySME Guarantee Fund
Description

Guarantee fund supporting financing of private-sector investments in ECOWAS member states by providing guarantees to banks and financial institutions.

10Fonds Agricole pour l'Afrique (FAA)
CategoryAgricultural Finance
Description

Agricultural finance vehicle providing financing for agribusiness (cereals, livestock, dairy, fruits, seeds, microfinance) with a technical-assistance facility and adapted financing for farmers and cooperatives.

11Interest Rate Subsidization (Bonification d'intérêts)
CategoryConcessional Financing Mechanism
Description

BOAD subsidizes borrowing conditions for non-market sector projects through its dedicated bonification (interest-rate subsidy) fund, making financing more affordable for priority social-sector and infrastructure projects.

Scale indicator26 records

Each record includes

Type, Value, Description, Source

Partnership40 partners
1Nuclear Energy Innovation Summit for Africa (Kigali)
Strategic tierMinorTypeGTM or Marketing PartnerAnnounced on2026-05-23
Description

African leaders and multilateral lenders gathered at the Nuclear Energy Innovation Summit for Africa in Kigali to address the continent's power deficit through nuclear energy. The World Bank lifted its longstanding ban on nuclear energy funding in June 2025, opening doors for multilateral institutions including BOAD to finance African nuclear projects.

theeastafrican.co.ke
Strategic tierFlagshipTypeStrategic or Co-development PartnerAnnounced on2026-05-15
Description

IFC and BOAD announced the first-ever cross-currency (EUR-XOF) loan agreements of up to €600 million signed at the Africa CEO Forum in Kigali on 15 May 2026. The IFC will provide BOAD with long-term EUR resources to expand interventions in energy, agro-industry, transport, urban development, and MSMEs in the UEMOA zone, while BOAD will provide IFC with a flexible XOF facility for local-currency financing. The mechanism is structured with the support of GALITE, BOAD's structuring advisor. IFC Managing Director Makhtar Diop described it as the first cross-financing line between IFC and a development finance institution.

Strategic tierFlagshipTypeStrategic or Co-development PartnerAnnounced on2026-05-11
Description

BOAD and PROPARCO signed a €200 million (~131 billion FCFA) cross-currency (EUR-XOF) operation in Nairobi on 11 May 2026, structured by Galite — described as a world first. Aims to broaden access to the XOF market, support UEMOA foreign exchange reserves, and finance structuring private-sector projects. PROPARCO Director General: Françoise Lombard.

Strategic tierFlagshipTypeStrategic or Co-development PartnerAnnounced on2026-04-27
Description

BOAD joins the African Development Bank Group and ECOWAS in a 1,028-km flagship Abidjan-Lagos Highway corridor project linking Côte d'Ivoire, Ghana, Togo, Benin and Nigeria. AfDB has committed $25 million in technical assistance. The supranational Abidjan-Lagos Corridor Management Authority manages the project, an enabler of the African Continental Free Trade Area.

Strategic tierFlagshipTypeStrategic or Co-development PartnerAnnounced on2026-04-07
Description

BOAD and IFC held a high-level working session in Lomé on 7 April 2026 to enhance their partnership for regional development, with focus on energy, agriculture, natural resources, innovative financing, and affordable housing, and agreement on a concrete action plan to support projects across WAEMU.

6RINLCAO (Réseau des Institutions Nationales de Lutte contre la Corruption en Afrique de l'Ouest)
Strategic tierMinorTypeStrategic or Co-development PartnerAnnounced on2026-04-03
Description

BOAD joined RINLCAO on 3 April 2026 to strengthen the fight against fraud and corruption in West Africa.

boad.org
7Alliance of African Multilateral Financial Institutions (AAMFI)
Strategic tierCoreTypeStrategic or Co-development PartnerAnnounced on2026-02-14
Description

BOAD was formally admitted as a new member of the Alliance of African Multilateral Financial Institutions (AAMFI) at the Ninth Meeting of the AAMFI Governing Council on 14 February 2026, alongside the Regional Maritime Development Bank (RMDB), expanding the Alliance's regional reach.

allafrica.com
Strategic tierMinorTypeStrategic or Co-development PartnerAnnounced on2026-02-14
Description

RMDB was admitted as a new member of AAMFI alongside BOAD at the Ninth Meeting of the AAMFI Governing Council on 14 February 2026, expanding the Alliance's regional reach.

Strategic tierFlagshipTypeStrategic or Co-development PartnerAnnounced on2025-11-17
Description

BOAD participated (€30M) alongside IFC (€50M) in an €80 million Social Loan to Orange Mali for 300 new 4G towers (half in rural areas), fibre networks, and 300,000 household connections, with a target of 70% women in digital training by 2032. This is the first investment from a broader IFC–Orange Middle East and Africa partnership targeting digital infrastructure across 8 West and Central African countries.

Strategic tierCoreTypeStrategic or Co-development Partner
Description

KfW is a long-standing shareholder (Série B shares) and strategic partner of BOAD. Together they established the Fonds de Transformation Digitale (FTD) to accompany WAEMU countries in their digital transformation. KfW is classified as a strategic partner of BOAD, providing financing, technical assistance, and specific initiatives.

Strategic tierFlagshipTypeStrategic or Co-development Partner
Description

AFD is a long-standing strategic partner of BOAD, providing financing, technical assistance, and specific initiatives. AFD-supported vehicles include the GARI guarantee fund for private investments in ECOWAS. AFD Group subsidiary PROPARCO separately signed the €200M cross-currency transaction (May 2026).

Strategic tierCoreTypeStrategic or Co-development Partner
Description

DEG is part of the KfW Group and a strategic partner of BOAD, contributing to dedicated vehicles including the GARI guarantee fund for private investments in West Africa.

Strategic tierFlagshipTypeStrategic or Co-development Partner
Description

AfDB is a strategic partner and shareholder (Série B) of BOAD. AfDB and BOAD co-finance large regional projects such as the Bamako 225 kV North Loop Project (with IsDB and the Government of Mali) and the Abidjan-Lagos Highway (ECOWAS corridor).

Strategic tierCoreTypeStrategic or Co-development Partner
Description

BADEA is listed as a strategic partner of BOAD on the Relations Institutionnelles page.

Strategic tierCoreTypeStrategic or Co-development Partner
Description

EIB is a strategic partner and shareholder (Série B, acting for the European Union) of BOAD, providing long-term financing and co-investment in eligible sectors.

Strategic tierCoreTypeStrategic or Co-development Partner
Description

IsDB is a strategic partner of BOAD, co-financing projects such as the Bamako 225 kV North Loop Project.

17Islamic Corporation for the Development of the Private Sector (ICD)
Strategic tierMinorTypeStrategic or Co-development Partner
Description

ICD is listed as a strategic partner of BOAD on the Relations Institutionnelles page.

boad.org
Strategic tierCoreTypeStrategic or Co-development Partner
Description

World Bank is listed as a strategic partner of BOAD on the Relations Institutionnelles page, with joint activities in climate finance and capacity building.

Strategic tierCoreTypeStrategic or Co-development Partner
Description

GCF is a technical partner of BOAD, providing climate finance accreditation and resources (136 billion FCFA mobilized from GEF, AF, GCF combined as of 31/07/2023).

Strategic tierCoreTypeStrategic or Co-development Partner
Description

GEF is a partner of BOAD (BOAD is an accredited implementing agency). 136 billion FCFA mobilized from GEF, AF, GCF as of 31/07/2023.

Strategic tierCoreTypeStrategic or Co-development Partner
Description

Adaptation Fund is a partner of BOAD. 136 billion FCFA mobilized from GEF, AF, GCF as of 31/07/2023.

Strategic tierMinorTypeStrategic or Co-development Partner
Description

Austrian Development Bank (OEEB) is a technical partner of BOAD.

Strategic tierMinorTypeStrategic or Co-development Partner
Description

Switzerland is a technical partner of BOAD.

24Banque Centrale des États de l'Afrique de l'Ouest (BCEAO)
Strategic tierFlagshipTypeStrategic or Co-development Partner
Description

BCEAO is a Série A shareholder and institutional partner of BOAD. BCEAO and BOAD jointly pursue monetary and financial integration in the WAEMU zone. BCEAO regulates negotiable debt securities guaranteed by BOAD.

boad.org
25Republic of France (French government shareholder)
Strategic tierCoreTypeStrategic or Co-development Partner
Description

The French Republic is a Série B shareholder of BOAD.

boad.org
26Kingdom of Belgium (Belgian government shareholder)
Strategic tierCoreTypeStrategic or Co-development Partner
Description

The Kingdom of Belgium is a Série B shareholder of BOAD.

boad.org
27People's Republic of China (via China Eximbank)
Strategic tierCoreTypeStrategic or Co-development Partner
Description

The People's Republic of China, represented by China Eximbank, is a Série B shareholder of BOAD.

boad.org
28Kingdom of Morocco (Moroccan government shareholder)
Strategic tierCoreTypeStrategic or Co-development Partner
Description

The Kingdom of Morocco is a Série B shareholder of BOAD.

boad.org
Strategic tierCoreTypeStrategic or Co-development Partner
Description

India, represented by Exim Bank of India, is a Série B shareholder of BOAD.

Strategic tierFlagshipTypeStrategic or Co-development Partner
Description

BOAD is a member and sole Chair of the IDFC (since 27 February 2025, co-chair since 15 October 2023), a network of 27 national, regional and bilateral development banks worldwide.

Strategic tierCoreTypeImplementation/ SI/ Consulting Partner
Description

GALITE is BOAD's dedicated structuring advisor. GALITE structured the cross-currency transactions with IFC and PROPARCO (2026) and the IFACI-certified operations.

Strategic tierCoreTypeImplementation/ SI/ Consulting Partner
Description

Clifford Chance served as legal adviser on BOAD's €1 billion Rule 144A/Reg S notes offering (October 2025).

Strategic tierCoreTypeImplementation/ SI/ Consulting Partner
Description

Rothschild & Co served as advisor to BOAD throughout its inaugural JCR credit rating process (May 2026).

Strategic tierCoreTypeImplementation/ SI/ Consulting Partner
Description

KPMG Togo is BOAD's current statutory auditor (Commissaire aux Comptes), designated by the UMOA Council of Ministers. Performs annual audit and review of internal controls.

Strategic tierFlagshipTypeOEM/ Whitelabel/ Licensing Partner
Description

BOAD Titrisation is a wholly-owned subsidiary created in 2011. It is the first company to obtain AMF UMOA licensing as an FCTC management company in WAEMU. Its mission is to be a development driver for securitization in WAEMU countries. Key operations: FTC BOAD DOLI-P 6.10% 2023-2030 (150 billion FCFA), 150 billion FCFA 2024 operation. Director General: Madame Sokhna Mbaye.

Strategic tierFlagshipTypeStrategic or Co-development Partner
Description

BOAD and the UNFCCC Secretariat jointly established the Regional Collaboration Centre of Lomé (CRC-Lomé) in January 2013 — the first of six Regional Collaboration Centres worldwide. The CRC covers 26 francophone West and Central African countries, supporting CDM/Article 6.4 transition, climate finance mobilization, and capacity building. Key initiatives include the West African Carbon Markets and Climate Finance Alliance (CI-ACA) and the South-South network on Measurement, Reporting and Verification (MRV).

Strategic tierCoreTypeOEM/ Whitelabel/ Licensing Partner
Description

BOAD co-created Cauris Investissement, a private equity firm targeting high-growth-potential SMEs. After a first 5 billion FCFA fund, BOAD contributed to two successor funds: Cauris Croissance and Cauris Croissance I. BOAD took an additional equity participation in Cauris IV in 2025 (10 billion FCFA).

Strategic tierCoreTypeOEM/ Whitelabel/ Licensing Partner
Description

GARI is a guarantee fund co-created by BOAD with AFD, DEG, BEI, IFC, AfDB and others. Supports financing of private sector investments in ECOWAS member states as guarantees to banks and financial institutions.

39Fonds Agricole pour l'Afrique (FAA)
Strategic tierMinorTypeOEM/ Whitelabel/ Licensing Partner
Description

FAA is a vehicle co-created by BOAD to finance agribusiness (cereal production, livestock, dairy, fruits, seeds, microfinance), with a technical assistance facility and adapted financing for farmers and cooperatives.

boad.org
Strategic tierCoreTypeStrategic or Co-development Partner
Description

BOAD partners with CRRH-UEMOA to create favorable conditions enabling modest-income households to access real estate credit more easily, expanding homeownership and the construction of affordable housing.

Recent move7 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight7 records

Each record includes

Type, Description

Peers10 records
TypeBroad incumbent
Description

Continental multilateral development bank headquartered in Abidjan; BOAD's shareholder and a direct co-financier on flagship West African projects (e.g., Bamako 225kV North Loop, Abidjan-Lagos Highway). Same product set (sovereign loans, project finance, climate funds) but a wider African mandate and a much larger balance sheet.

TypeDirect peer
Description

Regional multilateral development bank serving the broader ECOWAS community from Lomé. Closest direct peer to BOAD: same city, overlapping shareholder base, similar project-finance and SME-refinance toolkit, but ECOWAS rather than WAEMU focus.

TypeDirect peer
Description

World Bank Group's private-sector arm and a flagship counterparty (May 2026 €600M cross-currency swap; co-lending into Orange Mali, IFC-BOAD strategic session April 2026). Both institutions focus on private-sector and climate financing in emerging markets with DFI-grade balance sheets.

TypeDirect peer
Description

French bilateral development agency; PROPARCO signed the €200M world-first EUR/XOF swap with BOAD in May 2026 and co-created GARI. AFD is a long-standing shareholder of BOAD and a co-financier across WAEMU, with a near-identical toolkit (sovereign lending, guarantees, equity, project finance).

TypeDirect peer
Description

German bilateral development bank; shareholder of BOAD and co-developer of the Digital Transformation Fund (FTD). KfW operates the same multilateral/private blend of sovereign, climate and SME financing that BOAD deploys in WAEMU.

TypeBroad incumbent
Description

EU's long-term lending arm and BOAD shareholder (Series B on behalf of the EU). EIB co-finances infrastructure and climate projects across WAEMU through BOAD lines and direct operations, providing benchmark pricing and EUR liquidity to the regional DFI ecosystem.

TypeDirect peer
Description

Eastern and Southern African multilateral trade and development bank; similar sized regional MDB with comparable product set (project finance, trade finance, syndicated lending, capital markets issuance). Useful peer for benchmarking BOAD's balance-sheet growth and capital-markets access.

TypeDirect peer
Description

Joint Nordic multilateral climate and development finance institution; NDF and BOAD both work with the IDFC and GCF on climate-resilient projects. Comparable governance, capital base and concessional-window structure.

TypeDirect peer
Description

WAEMU regional mortgage refinancing institution; BOAD is a strategic partner of CRRH-UEMOA for housing finance. CRRH operates in the same currency and geography with an overlapping shareholder base, and is the natural counterparty for BOAD's planned housing subsidiary.

10Fonds GARI (West African Private Investment Guarantee Fund)
TypeOthers
Description

Guarantee fund co-created by BOAD with AFD, DEG, EIB, IFC and AfDB to back private-sector investment in ECOWAS. Same governance orbit as BOAD; complementary product (guarantees vs direct lending) and a strong signal of how BOAD partners structure the regional DFI ecosystem.

Market position
Strengths5 records

Each record includes

Headline, Details, Source

Weaknesses5 records

Each record includes

Headline, Details, Source

Competitive moat7 records

Each record includes

Type, Details

Key risks6 records

Each record includes

Headline, Details, Source

Key highlights7 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Named customers19 records

Each record includes

Name, Industry, Type, Use case, Source, UUID

Segment11 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile4 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Feature6 records

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles14 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

Subsidiaries7 records

Each record includes

Name, Acquired on, Relationship type, Type, Business focus

No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds8 records

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors5 records

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment2 records

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

West African Development Bank

Multilateral Development Bankingboad.org

West African Development Bank (BOAD) is the multilateral development bank for the eight WAEMU member states, providing direct lending, guarantees, equity participations, and climate finance to sovereigns, large enterprises, and SMEs across West Africa.

What West African Development Bank does

BOAD (Banque Ouest Africaine de Développement / West African Development Bank) is the multilateral development bank created by treaty in 1973 (operational since 1976) and headquartered in Lomé, Togo. It is the sole MDB dedicated to the eight member states of the West African Economic and Monetary Union (UEMOA/WAEMU): Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. Its mandate is to finance the balanced economic development and regional integration of WAEMU through long-term lending, guarantees, equity participations, and intermediation services directed at sovereigns, public establishments, regional organizations, large private corporates, and — via National Financial Institutions — SMEs.

The bank's product stack includes direct short-, medium- and long-term loans, bond guarantees, interbank guarantees, equity participations, and structured intermediation. Proprietary capabilities include BOAD Titrisation (the first FCTC management company licensed by AMF UMOA, established 2011), the UNFCCC Regional Collaboration Centre of Lomé (the first of six CRCs worldwide, covering 26 francophone West and Central African countries, established January 2013), the Fonds de Développement Énergie (FDE, 2009), the Fonds de Transformation Digitale (FTD, with KfW), and pioneering EUR/XOF cross-currency swap instruments with IFC (up to €600m, May 2026) and PROPARCO (€200m, May 2026). Information systems are certified ISO 27001 and IFACI. BOAD is accredited with the three major climate funds (GEF, AF, GCF) and channels climate finance through the West African Carbon Markets and Climate Finance Alliance (CI-ACA). Distribution is hybrid: direct sovereign and large-corporate engagement supported by eight resident missions, plus an indirect SME channel via National Financial Institutions and dedicated vehicles (GARI guarantee fund, CAURIS private equity, Fonds Agricole pour l'Afrique).

BOAD's business model is funded through shareholder capital (Serie A held by the 8 WAEMU states + BCEAO; Serie B held by France, KfW/Germany, EIB/EU, AfDB, Belgium, Eximbank India, China, Morocco — authorized capital 1,155 billion FCFA, subscribed 1,103,650 billion FCFA as of 31/12/2022), multilateral/bilateral credit lines (FinDev Canada €20m 2023, SMBC €200m 2026, IFC up to €600m 2026, PROPARCO €200m 2026, AfDB lines 2021), and capital markets debt (notably a €1bn Rule 144A/Reg S notes offering at 6.25% in October 2025). Revenue derives from interest on loans, guarantee fees, dividend and capital-gain income from equity participations, and intermediation fees. Under the "Djoliba" 2021-2025 plan BOAD financed 244,000 jobs target, 12,700 km of roads, 12,170 ha irrigated, 380 MW and 87,700 m³/day of water; the new "Djoliba…La Suite" 2026-2030 plan targets 6,500 billion FCFA (~€10 billion) in financing — double the prior cycle — supported by an inaugural JCR "A" rating (May 2026), a 100%-owned planned private-sector subsidiary for housing, and intensified partnerships with the IFC, AFD/PROPARCO, KfW, SMBC, and AfDB.

West African Development Bank firmographics

Firmographics
Name
West African Development Bank
Legal name
Banque Ouest Africaine de Développement (BOAD) - West African Development Bank
Website
https://www.boad.org/
Company type
Private
Founded year
1973
Operating status
Operating
Headcount range
251–500 employees
Short description
West African Development Bank (BOAD) is the multilateral development bank for the eight WAEMU member states, providing direct lending, guarantees, equity participations, and climate finance to sovereigns, large enterprises, and SMEs across West Africa.
Ownership category
akta.pro rank

West African Development Bank industry classification

Industry
Product category
Multilateral Development Banking
NAICS
Commercial Banking (522110), Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218), Other Financial Vehicles (52599)
SIC
National Commercial Banks (6021), State Commercial Banks (6022), Short-Term Business Credit Institutions (6153), Mortgage Bankers & Loan Correspondents (6162)
akta.pro primary industry
National Development Banks & State Development Finance Institutions (DFIs) (BPADACAC)
akta.pro secondary industries
SBA/Government-Backed & Development Finance Loans (FSAKAGAI), Housing & Urban Development Banks (Public) (FSABAKAG), Direct Lending — Asset-Based Lending (ABL) (FSAHAJAE), Debt Relief, Restructuring & Sovereign Advisory Programs (BPADACAL)

Keywords

  • Development finance
  • Multilateral development bank
  • Infrastructure financing
  • Sovereign lending
  • Project finance

Where West African Development Bank is headquartered

Location

Headquarters

HQ city
Lomé
HQ country
Togo

Offices9 records

Markets served

West African Development Bank business model

Business model
GTM type
B2B
Offering type
Services
Cost components
Personnel, Operations, Technology or R&D, Infrastructure, Others

Revenue model

  1. Direct lending (short, medium, and long-term loans): Principal revenue stream: BOAD extends short-, medium- and long-term loans to UEMOA member states, public establishments, regional organizations, and private-sector entities for productive investments in eligible sectors (industry, transport, mining, agro-industry, energy, infrastructure, real estate, telecom, agribusiness, tourism, etc.). Pricing is project-specific based on due diligence.
  2. Equity participations (prise de participation): BOAD takes equity stakes in companies and National Financial Institutions (e.g., additional participation in Cauris IV fund). Generates dividend income and capital gains.
  3. Guarantee products (bond guarantees, interbank guarantees, negotiable debt securities): Guarantees for bond issues on the WAEMU financial market (per CREPMF), guarantees for interbank loans, and guarantees for negotiable debt securities (treasury bills, certificates of deposit) per BCEAO rules. Tenor 2-10 years for bonds, 6 months-7 years for interbank/negotiable securities.
  4. Securitization operations (BOAD Titrisation): Through BOAD Titrisation (created 2011, first licensed FCTC management company in WAEMU), the group structures securitization transactions to mobilize capital for financial institutions and corporates (e.g., FTC BOAD DOLI-P 6.10% 2023-2030 mobilizing FCFA 150 billion).
  5. Financing arrangement / intermediation services: Intermediation services to mobilize resources from the WAEMU financial system for member states and private promoters; financial advisory and project preparation assistance.
  6. Capital markets debt issuance: BOAD raises funds via international capital markets, e.g., €1 billion Rule 144A/Reg S notes offering at 6.250% coupon completed in October 2025 to fund West African development projects.
  7. Interest rate subsidization (bonification d'intérêts): BOAD subsidizes borrowing conditions for non-market sector projects through its bonification fund.

Pricing tiers

ModelBillingPrice
OtherMulti-year contractDirect loans (short/medium/long-term) with project-specific pricing
OtherPay-as-you-goFinancing arrangement (intermediation service)
OtherMulti-year contractGuarantee products (bond, interbank, negotiable securities)
OtherPay-as-you-goEquity participation / project equity stake
OtherMulti-year contractCapital markets funding (own issuance)

Go-to-market motion4 records

Distribution channels7 records

Marketing channels8 records

West African Development Bank product offering

Product offering

Core offering

BOAD is the multilateral development bank of the 8 WAEMU (UEMOA) member states, extending short-, medium- and long-term loans, equity participations, guarantees (bond, interbank, negotiable securities), and financial advisory / financing arrangement services to sovereigns, public establishments, regional organizations, and private-sector promoters. It funds productive investments across industry, transport, mining, agro-industry, energy, infrastructure, real estate, telecoms, agribusiness, and tourism, and complements direct lending with securitization (BOAD Titrisation) and dedicated vehicles (FDE, FTD, CAURIS, GARI, FAA).

Product overview

No product or service information supported by a resolvable source ID is available in the provided input.

Differentiator

Problem solved

Functional benefit

Brands

  • BOAD Titrisation: BOAD's wholly-owned securitization entity (created 2011) — first asset-management company licensed by AMF UMOA to manage FCTC (fonds de titrisation de créances) vehicles; promotes securitization in the UEMOA sub-region.
  • CRC-Lomé (Centre Régional de Collaboration de Lomé)
  • Plan Djoliba 2021-2025
  • Djoliba… La Suite (2026-2030)
  • Fonds de Développement Énergie (FDE)
  • CAURIS Investissement / CAURIS IV
  • Fonds GARI
  • Fonds de Transformation Digitale (FTD)

Products and services

  • Direct Loans (short, medium, and long-term) Principal financing product: short-, medium- and long-term loans extended to WAEMU member states, public establishments, regional organizations, and private-sector entities for productive investments across industry, transport, mining, agro-industry, energy, infrastructure, real estate, telecoms, agribusiness, tourism, BTP, fisheries, and livestock.
  • Equity Participations (prise de participation) Equity stakes taken in companies and National Financial Institutions (e.g., additional participation in Cauris IV fund of 10 billion FCFA in 2025). Generates dividend income and capital gains.
  • Guarantee Products (bond, interbank, negotiable debt securities) Guarantees for bond issues on the WAEMU financial market (per CREPMF), guarantees for interbank loans, and guarantees for negotiable debt securities (treasury bills, certificates of deposit) per BCEAO rules.
  • BOAD Titrisation Securitization Services Securitization operations through BOAD Titrisation — pools financial assets (mortgages, receivables, debts) and transforms them into tradable securities for regional/international markets, enabling capital mobilization for financial institutions and corporates.
  • Financing Arrangement / Intermediation Services Intermediation services to mobilize resources from the WAEMU financial system for member states and private promoters; financial advisory and project preparation assistance.
  • Fonds de Développement Énergie (FDE) BOAD-managed concessional energy-development fund that finances Initiative Régionale pour l'Énergie Durable (IRED)-eligible energy projects at concessional terms in UEMOA.
  • Fonds de Transformation Digitale (FTD) BOAD's digital transformation fund co-developed with KfW for WAEMU member states (ftd.boad.org), accompanying countries in their digital transformation efforts.
  • CAURIS Private Equity Funds (CAURIS Croissance / Cauris IV) Private equity fund manager targeting growth-stage SMEs/PMIs in UEMOA and expansion into ECOWAS (ex-Nigeria) and francophone Central Africa; supports job and wealth creation.
  • Fonds GARI (Garantie des Investissements Privés en Afrique de l'Ouest) Guarantee fund supporting financing of private-sector investments in ECOWAS member states by providing guarantees to banks and financial institutions.
  • Fonds Agricole pour l'Afrique (FAA) Agricultural finance vehicle providing financing for agribusiness (cereals, livestock, dairy, fruits, seeds, microfinance) with a technical-assistance facility and adapted financing for farmers and cooperatives.
  • Interest Rate Subsidization (Bonification d'intérêts) BOAD subsidizes borrowing conditions for non-market sector projects through its dedicated bonification (interest-rate subsidy) fund, making financing more affordable for priority social-sector and infrastructure projects.

Quantifiable outcome

  • 6,500 billion FCFA (~10 billion euros) targeted financing for 2026-2030 under 'Djoliba… la Suite' — double the previous cycle
  • +10 more outcomes

Companies that use West African Development Bank

Customer profile

Named customers19 records

Segments11 records

Ideal customer profiles4 records

West African Development Bank technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Feature6 records

West African Development Bank partnerships and signals

Strategic signal

Partnerships

40 partnerships are on record, tiered minor, flagship and core.

  • Nuclear Energy Innovation Summit for Africa (Kigali)minorGTM or Marketing Partner · 23 May 2026African leaders and multilateral lenders gathered at the Nuclear Energy Innovation Summit for Africa in Kigali to address the continent's power deficit through nuclear energy. The World Bank lifted its longstanding ban on nuclear energy funding in June 2025, opening doors for multilateral institutions including BOAD to finance African nuclear projects.
  • International Finance Corporation (IFC / SFI)flagshipStrategic or Co-development Partner · 15 May 2026IFC and BOAD announced the first-ever cross-currency (EUR-XOF) loan agreements of up to €600 million signed at the Africa CEO Forum in Kigali on 15 May 2026. The IFC will provide BOAD with long-term EUR resources to expand interventions in energy, agro-industry, transport, urban development, and MSMEs in the UEMOA zone, while BOAD will provide IFC with a flexible XOF facility for local-currency financing. The mechanism is structured with the support of GALITE, BOAD's structuring advisor. IFC Managing Director Makhtar Diop described it as the first cross-financing line between IFC and a development finance institution.
  • PROPARCO (AFD Group)flagshipStrategic or Co-development Partner · 11 May 2026BOAD and PROPARCO signed a €200 million (~131 billion FCFA) cross-currency (EUR-XOF) operation in Nairobi on 11 May 2026, structured by Galite — described as a world first. Aims to broaden access to the XOF market, support UEMOA foreign exchange reserves, and finance structuring private-sector projects. PROPARCO Director General: Françoise Lombard.
  • African Development Bank Group & ECOWAS — Abidjan-Lagos Highway corridorflagshipStrategic or Co-development Partner · 27 April 2026BOAD joins the African Development Bank Group and ECOWAS in a 1,028-km flagship Abidjan-Lagos Highway corridor project linking Côte d'Ivoire, Ghana, Togo, Benin and Nigeria. AfDB has committed $25 million in technical assistance. The supranational Abidjan-Lagos Corridor Management Authority manages the project, an enabler of the African Continental Free Trade Area.
  • International Finance Corporation (IFC) — high-level working session in LoméflagshipStrategic or Co-development Partner · 7 April 2026BOAD and IFC held a high-level working session in Lomé on 7 April 2026 to enhance their partnership for regional development, with focus on energy, agriculture, natural resources, innovative financing, and affordable housing, and agreement on a concrete action plan to support projects across WAEMU.
  • RINLCAO (Réseau des Institutions Nationales de Lutte contre la Corruption en Afrique de l'Ouest)minorStrategic or Co-development Partner · 3 April 2026BOAD joined RINLCAO on 3 April 2026 to strengthen the fight against fraud and corruption in West Africa.
  • Alliance of African Multilateral Financial Institutions (AAMFI)coreStrategic or Co-development Partner · 14 February 2026BOAD was formally admitted as a new member of the Alliance of African Multilateral Financial Institutions (AAMFI) at the Ninth Meeting of the AAMFI Governing Council on 14 February 2026, alongside the Regional Maritime Development Bank (RMDB), expanding the Alliance's regional reach.
  • Regional Maritime Development Bank (RMDB)minorStrategic or Co-development Partner · 14 February 2026RMDB was admitted as a new member of AAMFI alongside BOAD at the Ninth Meeting of the AAMFI Governing Council on 14 February 2026, expanding the Alliance's regional reach.
  • IFC and Orange Middle East and Africa (partnership)flagshipStrategic or Co-development Partner · 17 November 2025BOAD participated (€30M) alongside IFC (€50M) in an €80 million Social Loan to Orange Mali for 300 new 4G towers (half in rural areas), fibre networks, and 300,000 household connections, with a target of 70% women in digital training by 2032. This is the first investment from a broader IFC–Orange Middle East and Africa partnership targeting digital infrastructure across 8 West and Central African countries.
  • KfW (Germany)coreStrategic or Co-development PartnerKfW is a long-standing shareholder (Série B shares) and strategic partner of BOAD. Together they established the Fonds de Transformation Digitale (FTD) to accompany WAEMU countries in their digital transformation. KfW is classified as a strategic partner of BOAD, providing financing, technical assistance, and specific initiatives.
  • Agence Française de Développement (AFD)flagshipStrategic or Co-development PartnerAFD is a long-standing strategic partner of BOAD, providing financing, technical assistance, and specific initiatives. AFD-supported vehicles include the GARI guarantee fund for private investments in ECOWAS. AFD Group subsidiary PROPARCO separately signed the €200M cross-currency transaction (May 2026).
  • DEG (KfW Group)coreStrategic or Co-development PartnerDEG is part of the KfW Group and a strategic partner of BOAD, contributing to dedicated vehicles including the GARI guarantee fund for private investments in West Africa.
  • African Development Bank (AfDB / BAD)flagshipStrategic or Co-development PartnerAfDB is a strategic partner and shareholder (Série B) of BOAD. AfDB and BOAD co-finance large regional projects such as the Bamako 225 kV North Loop Project (with IsDB and the Government of Mali) and the Abidjan-Lagos Highway (ECOWAS corridor).
  • Arab Bank for Economic Development in Africa (BADEA)coreStrategic or Co-development PartnerBADEA is listed as a strategic partner of BOAD on the Relations Institutionnelles page.
  • European Investment Bank (EIB / BEI)coreStrategic or Co-development PartnerEIB is a strategic partner and shareholder (Série B, acting for the European Union) of BOAD, providing long-term financing and co-investment in eligible sectors.
  • Islamic Development Bank (IsDB)coreStrategic or Co-development PartnerIsDB is a strategic partner of BOAD, co-financing projects such as the Bamako 225 kV North Loop Project.
  • Islamic Corporation for the Development of the Private Sector (ICD)minorStrategic or Co-development PartnerICD is listed as a strategic partner of BOAD on the Relations Institutionnelles page.
  • World Bank (Banque Mondiale)coreStrategic or Co-development PartnerWorld Bank is listed as a strategic partner of BOAD on the Relations Institutionnelles page, with joint activities in climate finance and capacity building.
  • Green Climate Fund (GCF)coreStrategic or Co-development PartnerGCF is a technical partner of BOAD, providing climate finance accreditation and resources (136 billion FCFA mobilized from GEF, AF, GCF combined as of 31/07/2023).
  • Global Environment Facility (GEF / FEM)coreStrategic or Co-development PartnerGEF is a partner of BOAD (BOAD is an accredited implementing agency). 136 billion FCFA mobilized from GEF, AF, GCF as of 31/07/2023.
  • Adaptation Fund (AF)coreStrategic or Co-development PartnerAdaptation Fund is a partner of BOAD. 136 billion FCFA mobilized from GEF, AF, GCF as of 31/07/2023.
  • OEEB (Austria)minorStrategic or Co-development PartnerAustrian Development Bank (OEEB) is a technical partner of BOAD.
  • Switzerland (SECO / FDFA)minorStrategic or Co-development PartnerSwitzerland is a technical partner of BOAD.
  • Banque Centrale des États de l'Afrique de l'Ouest (BCEAO)flagshipStrategic or Co-development PartnerBCEAO is a Série A shareholder and institutional partner of BOAD. BCEAO and BOAD jointly pursue monetary and financial integration in the WAEMU zone. BCEAO regulates negotiable debt securities guaranteed by BOAD.
  • Republic of France (French government shareholder)coreStrategic or Co-development PartnerThe French Republic is a Série B shareholder of BOAD.
  • Kingdom of Belgium (Belgian government shareholder)coreStrategic or Co-development PartnerThe Kingdom of Belgium is a Série B shareholder of BOAD.
  • People's Republic of China (via China Eximbank)coreStrategic or Co-development PartnerThe People's Republic of China, represented by China Eximbank, is a Série B shareholder of BOAD.
  • Kingdom of Morocco (Moroccan government shareholder)coreStrategic or Co-development PartnerThe Kingdom of Morocco is a Série B shareholder of BOAD.
  • Republic of India (via Exim Bank India)coreStrategic or Co-development PartnerIndia, represented by Exim Bank of India, is a Série B shareholder of BOAD.
  • International Development Finance Club (IDFC)flagshipStrategic or Co-development PartnerBOAD is a member and sole Chair of the IDFC (since 27 February 2025, co-chair since 15 October 2023), a network of 27 national, regional and bilateral development banks worldwide.
  • GALITE (structuring advisor)coreImplementation/ SI/ Consulting PartnerGALITE is BOAD's dedicated structuring advisor. GALITE structured the cross-currency transactions with IFC and PROPARCO (2026) and the IFACI-certified operations.
  • Clifford Chance (legal advisor)coreImplementation/ SI/ Consulting PartnerClifford Chance served as legal adviser on BOAD's €1 billion Rule 144A/Reg S notes offering (October 2025).
  • Rothschild & Co (financial advisor)coreImplementation/ SI/ Consulting PartnerRothschild & Co served as advisor to BOAD throughout its inaugural JCR credit rating process (May 2026).
  • KPMG Togo (Statutory Auditor)coreImplementation/ SI/ Consulting PartnerKPMG Togo is BOAD's current statutory auditor (Commissaire aux Comptes), designated by the UMOA Council of Ministers. Performs annual audit and review of internal controls.
  • BOAD Titrisation (subsidiary)flagshipOEM/ Whitelabel/ Licensing PartnerBOAD Titrisation is a wholly-owned subsidiary created in 2011. It is the first company to obtain AMF UMOA licensing as an FCTC management company in WAEMU. Its mission is to be a development driver for securitization in WAEMU countries. Key operations: FTC BOAD DOLI-P 6.10% 2023-2030 (150 billion FCFA), 150 billion FCFA 2024 operation. Director General: Madame Sokhna Mbaye.
  • UNFCCC (United Nations Framework Convention on Climate Change) — CRC-Lomé partnershipflagshipStrategic or Co-development PartnerBOAD and the UNFCCC Secretariat jointly established the Regional Collaboration Centre of Lomé (CRC-Lomé) in January 2013 — the first of six Regional Collaboration Centres worldwide. The CRC covers 26 francophone West and Central African countries, supporting CDM/Article 6.4 transition, climate finance mobilization, and capacity building. Key initiatives include the West African Carbon Markets and Climate Finance Alliance (CI-ACA) and the South-South network on Measurement, Reporting and Verification (MRV).
  • Cauris Investissement (private equity)coreOEM/ Whitelabel/ Licensing PartnerBOAD co-created Cauris Investissement, a private equity firm targeting high-growth-potential SMEs. After a first 5 billion FCFA fund, BOAD contributed to two successor funds: Cauris Croissance and Cauris Croissance I. BOAD took an additional equity participation in Cauris IV in 2025 (10 billion FCFA).
  • GARI (Garantie des Investissements Privés en Afrique de l'Ouest)coreOEM/ Whitelabel/ Licensing PartnerGARI is a guarantee fund co-created by BOAD with AFD, DEG, BEI, IFC, AfDB and others. Supports financing of private sector investments in ECOWAS member states as guarantees to banks and financial institutions.
  • Fonds Agricole pour l'Afrique (FAA)minorOEM/ Whitelabel/ Licensing PartnerFAA is a vehicle co-created by BOAD to finance agribusiness (cereal production, livestock, dairy, fruits, seeds, microfinance), with a technical assistance facility and adapted financing for farmers and cooperatives.
  • Caisse Régionale de Refinancement Hypothécaire de l'UEMOA (CRRH-UEMOA)coreStrategic or Co-development PartnerBOAD partners with CRRH-UEMOA to create favorable conditions enabling modest-income households to access real estate credit more easily, expanding homeownership and the construction of affordable housing.

Scale indicators26 records

Recent moves7 records

Expansion highlights7 records

West African Development Bank competitors and assessment

Company assessment

Broad incumbents

  • African Development Bank (AfDB): Continental multilateral development bank headquartered in Abidjan; BOAD's shareholder and a direct co-financier on flagship West African projects (e.g., Bamako 225kV North Loop, Abidjan-Lagos Highway). Same product set (sovereign loans, project finance, climate funds) but a wider African mandate and a much larger balance sheet.
  • European Investment Bank (EIB): EU's long-term lending arm and BOAD shareholder (Series B on behalf of the EU). EIB co-finances infrastructure and climate projects across WAEMU through BOAD lines and direct operations, providing benchmark pricing and EUR liquidity to the regional DFI ecosystem.

Direct peers

  • ECOWAS Bank for Investment and Development (EBID): Regional multilateral development bank serving the broader ECOWAS community from Lomé. Closest direct peer to BOAD: same city, overlapping shareholder base, similar project-finance and SME-refinance toolkit, but ECOWAS rather than WAEMU focus.
  • International Finance Corporation (IFC): World Bank Group's private-sector arm and a flagship counterparty (May 2026 €600M cross-currency swap; co-lending into Orange Mali, IFC-BOAD strategic session April 2026). Both institutions focus on private-sector and climate financing in emerging markets with DFI-grade balance sheets.
  • Agence Française de Développement (AFD) / PROPARCO: French bilateral development agency; PROPARCO signed the €200M world-first EUR/XOF swap with BOAD in May 2026 and co-created GARI. AFD is a long-standing shareholder of BOAD and a co-financier across WAEMU, with a near-identical toolkit (sovereign lending, guarantees, equity, project finance).
  • KfW Development Bank: German bilateral development bank; shareholder of BOAD and co-developer of the Digital Transformation Fund (FTD). KfW operates the same multilateral/private blend of sovereign, climate and SME financing that BOAD deploys in WAEMU.
  • Trade and Development Bank (TDB): Eastern and Southern African multilateral trade and development bank; similar sized regional MDB with comparable product set (project finance, trade finance, syndicated lending, capital markets issuance). Useful peer for benchmarking BOAD's balance-sheet growth and capital-markets access.
  • Nordic Development Fund (NDF): Joint Nordic multilateral climate and development finance institution; NDF and BOAD both work with the IDFC and GCF on climate-resilient projects. Comparable governance, capital base and concessional-window structure.
  • Caisse Régionale de Refinancement Hypothécaire de l'UEMOA (CRRH-UEMOA): WAEMU regional mortgage refinancing institution; BOAD is a strategic partner of CRRH-UEMOA for housing finance. CRRH operates in the same currency and geography with an overlapping shareholder base, and is the natural counterparty for BOAD's planned housing subsidiary.

Others

  • Fonds GARI (West African Private Investment Guarantee Fund): Guarantee fund co-created by BOAD with AFD, DEG, EIB, IFC and AfDB to back private-sector investment in ECOWAS. Same governance orbit as BOAD; complementary product (guarantees vs direct lending) and a strong signal of how BOAD partners structure the regional DFI ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

West African Development Bank social profiles

Digital presence

West African Development Bank financial estimates

Financial estimate

Revenue estimate

Valuation estimate

West African Development Bank leadership team

Management profile

Number of profiles

Profiles14 records

West African Development Bank subsidiaries and ownership

Company hierarchy

Subsidiaries7 records

West African Development Bank funding detail

Funding detail

Funding overview

Funding rounds8 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

West African Development Bank M&A and investment

M&A and investment

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about West African Development Bank

What does West African Development Bank do?

BOAD is the multilateral development bank of the 8 WAEMU (UEMOA) member states, extending short-, medium- and long-term loans, equity participations, guarantees (bond, interbank, negotiable securities), and financial advisory / financing arrangement services to sovereigns, public establishments, regional organizations, and private-sector promoters. It funds productive investments across industry, transport, mining, agro-industry, energy, infrastructure, real estate, telecoms, agribusiness, and tourism, and complements direct lending with securitization (BOAD Titrisation) and dedicated vehicles (FDE, FTD, CAURIS, GARI, FAA).

Is West African Development Bank a public or private company?

West African Development Bank is a private company. It is classified as state government owned and is currently operating.

When was West African Development Bank founded?

West African Development Bank was founded in 1973. It employs 251 to 500 people.

Where is West African Development Bank based?

West African Development Bank is headquartered in Lomé, Togo.

How does West African Development Bank make money?

Seven revenue lines are on record. Direct lending (short, medium, and long-term loans) is the primary driver. The others are equity participations (prise de participation), guarantee products (bond guarantees, interbank guarantees, negotiable debt securities), securitization operations (BOAD Titrisation), financing arrangement / intermediation services, capital markets debt issuance and interest rate subsidization (bonification d'intérêts).

Who are West African Development Bank's main competitors?

Broad incumbents on record are African Development Bank (AfDB) and European Investment Bank (EIB). Direct peers are ECOWAS Bank for Investment and Development (EBID), International Finance Corporation (IFC), Agence Française de Développement (AFD) / PROPARCO, KfW Development Bank, Trade and Development Bank (TDB), Nordic Development Fund (NDF) and Caisse Régionale de Refinancement Hypothécaire de l'UEMOA (CRRH-UEMOA). Fonds GARI (West African Private Investment Guarantee Fund) is listed as an others.

Does West African Development Bank have an API?

No public API is recorded for West African Development Bank.

What industry is West African Development Bank in?

West African Development Bank's product category is Multilateral Development Banking. Its primary akta.pro industry code is BPADACAC, National Development Banks & State Development Finance Institutions (DFIs), with a secondary code of FSAKAGAI, SBA/Government-Backed & Development Finance Loans. Its NAICS code is 522110 and its SIC code is 6021.

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TelecompaperSenegal launches GEOAGRI-SEN project to apply satellite data to farmingThe Senegalese Agency for Space Studies (ASES) launched the EOAGRI-SEN project at a workshop in Saly Portudal, Senegal, aimed at applying satellite data, space technologies, geospatial sciences, and artificial intelligence to agricultural development, transhumance management, and soil health monitoring. The project is funded by the West African Development Bank (BOAD) and will use satellite data and digital infrastructure to support farming operations.DabafinanceMali Approves $190M Power Grid Project for BamakoMali's transitional parliament approved a $190 million power grid project with the African Development Bank Group to modernize Bamako's transmission and distribution network. The project will connect 10,000 households and small businesses and improve power for about 40 industrial sites, with construction starting in Q3 2026.DevdiscourseIran Eyes Oil Sales with Japan Amid U.S. Sanctions WaiverMali's National Transitional Council has unanimously approved legislation authorising loan agreements with the African Development Bank Group for the Bamako North 225 kV Loop Project, clearing the way for a US$190 million infrastructure initiative. The project will modernise the capital's electricity transmission and distribution network, connect around 10,000 new households and small businesses to the national grid, and improve power quality for approximately 40 industrial facilities. Construction activities are expected to begin during the third quarter of 2026.DevdiscourseMSMEs Grapple with EU Carbon Policy: Experts Urge Swift ActionMali's National Transitional Council has unanimously approved legislation authorising loan agreements with the African Development Bank Group for the Bamako North 225 kV Loop Project, a $190 million initiative to modernise the capital's electricity transmission and distribution network. The African Development Fund, Climate Investment Funds, and Green Climate Fund are among the multilateral lenders providing approximately $68.26 million in financing, covering just over 36 percent of the project's cost, with the remainder coming from the West African Development Bank, Islamic Development Bank, and the Government of Mali. The project aims to connect around 10,000 new households and small businesses to the grid and improve power quality for approximately 40 industrial facilities, with construction expected to begin in the third quarter of 2026.DevdiscourseMali Approves Major Power Project to Strengthen Bamako GridMali's National Transitional Council has unanimously approved legislation authorising loan agreements with the African Development Bank Group for the Bamako North 225 kV Loop Project, a US$190 million initiative to modernise the capital's electricity transmission and distribution network. The project will connect around 10,000 new households and small businesses to the grid while improving power quality for approximately 40 industrial facilities, with construction expected to begin in the third quarter of 2026. International donors including the African Development Fund, Climate Investment Funds, and Green Climate Fund are providing approximately US$68.26 million in financing, covering just over 36 percent of the total project cost.DevdiscourseALCoMA Names New Chair to Drive Abidjan-Lagos Highway ProjectThe Abidjan-Lagos Corridor Management Authority (ALCoMA) appointed Beninese finance expert Wilfried Lauriano do Rego as Chair of its Board of Directors for a two-year term during the Board's inaugural meeting in Lagos, Nigeria. The 1,081-kilometer Abidjan-Lagos Corridor highway, valued at approximately US$15 billion, will connect the capitals and commercial centres of Côte d'Ivoire, Ghana, Togo, Benin and Nigeria, and is one of Africa's most ambitious regional infrastructure projects. The Board approved interim subcommittees, a joint Project Management Office with the African Development Bank and ECOWAS, and is working to mobilize US$500 million in catalytic capital through the African Development Fund.Agence EcofinMoïse Achille Houssou (SImAU) : « Il n'y a pas de logement abordable tant que le surcoût n'est pas pris en charge par l'État »Moïse Achille Houssou, Director General of SImAU (Société immobilière et d'aménagement urbain), presented Benin's 20,000-unit affordable housing program at the BOAD Development Days in Lomé, describing it as one of West Africa's most advanced social housing initiatives. Seven years after launch, the program covers 14 cities with nearly 10,000 units in production and first residents installed since December 2025 in the new town of Ouèdo near Cotonou. The government absorbs construction and development costs upfront, enabling tenants to access 3-bedroom units for 97,000 FCFA (~$170) per month with no down payment, pay slip, or land title required.Agence EcofinSerge Ekué : « En réalité, "Djoliba… la suite" est financé : nous sommes très confortables jusqu'en 2029 »During the BOAD Development Days in Lomé on June 11-12, 2026, Serge Ekué, President of the West African Development Bank (BOAD), detailed the 6,500 billion FCFA (approximately 10 billion euros) "Djoliba… la Suite" financing plan for 2026-2030, double the previous cycle, emphasizing that the bank is "very comfortable" with funding until 2029 through blended finance, securitization, and hybrid instruments. Ekué explained that BOAD has doubled its equity capital over five years and restored its debt capacity, while obtaining a JCR "A" rating (two notches above Moody's and three above Fitch), positioning it as a model for modern development banks moving away from free capital subsidies. The interview also addressed UEMOA's housing deficit of 3.5 to 4 million units and the bank's strategy to create a 100%-owned subsidiary dedicated to the private sector.TechTrendsKEAfrican Banker Awards Highlight New Inclusion PushCo-operative Bank of Kenya and Ziidi Trader won African Banker Awards in Brazzaville for SME banking and fintech, respectively. Co-operative Bank reported net profit of Sh29.75 billion and loans of Sh421 billion for the year ended December 2025. The awards highlight a shift toward measuring inclusion by participation in financing and investment markets.Tech In AfricaAfrica Health-Tech Accelerator Is Looking for Its Next Cohort — Here’s What Founders Need to KnowApplications are open for the 2026 Africa Health-Tech Accelerator, a six-month pan-African program for early-stage healthcare startups. Up to 15 startups will enter the first stage, with a smaller cohort advancing for deeper support. The program offers mentorship, validation, business development, and investor readiness.