West Africa’s development bank approves new projects and $1.1 billion in partner funds
Rice irrigation in Togo, a road in Guinea-Bissau and loans for small businesses are among the approvals.
Key points
- The West African Development Bank (BOAD) approved CFA157.5 billion in new financing at its board meeting in Lomé on 24 September 2026.
- The board also approved about CFA656 billion (roughly $1.1 billion) in credit lines from CDP, AFD, the African Development Bank, KfW and the China Development Bank.
- Projects include rice mechanisation and irrigation in Togo, the Safim–Jugudul road in Guinea-Bissau and green and women-led SME lending in Côte d’Ivoire.
The West African Development Bank (BOAD), which finances projects in the eight countries that share the CFA franc in West Africa, approved a new round of financing at its board meeting in Lomé on 24 September 2026.
New projects: CFA157.5 billion
- Togo: CFA45 billion for the third phase of a farm mechanisation and irrigation programme, targeting 100,000 tonnes of rice a year.
- Guinea-Bissau: CFA30 billion to build and surface the Safim–Jugudul road.
- Burkina Faso: CFA10 billion for a cement plant with capacity of 285,000 tonnes a year.
- Côte d'Ivoire: CFA10 billion, through COFINA, for green projects and women entrepreneurs.
- Togo, Benin and Mali: financing for fuel storage, energy infrastructure and fuel imports.
About $1.1 billion from partners
The board also approved about CFA656 billion, or roughly $1.1 billion, in credit lines from five partners: Italy's Cassa Depositi e Prestiti, the French Development Agency (AFD), the African Development Bank, Germany's KfW (for renewable energy) and the China Development Bank (for small businesses). AFD also provided a grant of CFA885.5 million.
Since it was founded in 1973, BOAD says it has committed a total of nearly CFA11 trillion.
Why it matters
Regional development banks lend where commercial banks often won't, and at longer terms. Money for irrigation, roads and small businesses feeds directly into jobs and food security, and partner credit lines let BOAD lend more across the region.
Sources
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