West African Development Bank (BOAD) Strengthens Financial Position with XOF501 Billion in Funding and Launches New Strategic Plan “Djoliba… The Next Step”

The West African Development Bank (BOAD) has announced significant advancements following its 150th ordinary meeting of the Board of Directors, which took place on March 25 and 26, 2026, in Dakar. Under the leadership of Mr. Serge EKUE, the WAMU Council of Ministers convened on March 27 to formally endorse the institution’s strategic proposals. This dual approval not only underscores the Bank’s robust financial standing but also marks the initiation of its new development cycle for 2026–2030.

Financial Performance and Growth

As of December 31, 2025, BOAD reported total assets amounting to XOF5,363 billion, a substantial increase from XOF3,893 billion at the close of the previous financial year, representing a 38% growth. The Bank’s net profit reached XOF42.476 billion, up from XOF39.402 billion in 2024, reflecting an approximate 8% rise. This profit bolsters the institution’s equity and enhances the special funds allocated to support member countries, thereby improving the Bank’s solvency ratios and its capacity to finance various projects.

The Bank has maintained a solid financial structure, with effective equity totaling XOF1,780.546 billion, constituting 33.20% of its total balance sheet. BOAD continues to enjoy the confidence of its partners and investors, as evidenced by its unchanged Baa1 and BBB credit ratings, classified as “investment grade” by Moody’s and Fitch Ratings.

Launch of the New Strategic Plan

In a bid to build on the successes of the previous Djoliba plan, the Council of Ministers has approved a new five-year strategic initiative titled “Djoliba… the next step.” This ambitious plan aims for a funding target of XOF6.5 trillion for the 2026–2030 period, nearly double the previous plan’s target.

To realize this goal, BOAD has outlined several key strategies, including:

• Mobilizing XOF2.65 trillion in loans.
• Implementing a securitization program worth XOF1.1 trillion.
• Transforming into BOAD Group, which will incorporate specialized entities.

During the recent Board meeting, 17 new projects were approved, totaling XOF501.568 billion. This brings the cumulative financing from BOAD since its inception in 1976 to XOF10,387.2 billion.

Governance and Institutional Support Initiatives

The Board of Directors has also focused on strengthening governance and institutional support. A new anti-corruption framework has been approved, aligning with ISO 37001 standards and affirming a zero-tolerance policy towards unethical practices.

Additionally, a credit facility from Sumitomo Mitsui Banking Corporation (SMBC) has been secured to finance agricultural campaigns, including the procurement of agricultural inputs and the marketing cycles of cash crops. The approved amount for this facility is €200 million, equivalent to XOF131.2 billion.

Moreover, BOAD has received a grant from the Multilateral Investment Guarantee Agency (MIGA) aimed at integrating gender and climate components into its operations. This grant, amounting to up to US$299,167 (approximately XOF166.8 million), will support the development of e-learning modules and training initiatives.

Key Development Projects in West Africa

The approved loans will partially finance several critical projects across the West African region, including:

• Wassoulou Project (PDIW) – Côte d’Ivoire: Aimed at enhancing food security and cross-border trade between Côte d’Ivoire, Mali, and Guinea, this project involves the construction of two dams and the development of 800 hectares of irrigated land, with an approved funding of XOF29.7 billion.
• Label d’Or SA – Togo: Focused on modernizing shea processing to benefit 33 women, this project has an approved amount of XOF6 billion.
• Cotton Sector – Burkina Faso: This initiative will finance the purchase of 120,000 tons of agricultural inputs for the 2026–2027 cotton season, with an approved amount of XOF50 billion.
• Ouidah-Hillacondji Road: This project aims to widen the Agonkanmey-Hillacondji corridor, reducing travel time by 50% and accidents by 60% upon completion in 2030, with an approved funding of XOF30 billion.
• Digital Transformation of Public Services – Senegal: This project will modernize data centers and the SHARE submarine cable, with an approved amount of XOF30.9 billion.
• Koudougou Solar Photovoltaic Center by SONABEL – Burkina Faso: The expansion to 40 MWp, including a 10 MW/30 MWh battery storage system, aims to improve electricity access and reduce CO2 emissions, with an approved amount of XOF16.468 billion.

Items for Information

The Board also reviewed various items for information, including the minutes of the 53rd meeting of the BOAD Audit Committee, the implementation status of the 2021–2025 strategic plan, and the status of BOAD’s operations per country as of December 31, 2025.

In closing, the Chairman of the Board expressed gratitude to the Senegalese authorities and technical teams for their support in organizing the meeting.

Source: www.zawya.com

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Published on 2026-04-01 00:13:00 • By the Editorial Desk