2 minute read | May.19.2026
The West African Development Bank (BOAD) and the International Finance Corporation (IFC), a member of the World Bank Group, have signed two reciprocal financing facilities for an aggregate amount of up to €600 million in euros (EUR) and West African CFA francs (XOF).
The transaction, signed on the sidelines of the Africa CEO Forum in Kigali, is designed to strengthen local currency financing, support private sector development, and promote job creation across the West African Economic and Monetary Union (WAEMU). IFC will provide BOAD with long-term EUR funding to expand lending in priority sectors including energy, agribusiness, transport, urban development, and MSMEs, in line with BOAD’s 2026–2030 strategic plan “Djoliba… La suite.” In return, BOAD will extend a flexible XOF facility to IFC to support long-term, cost-efficient local currency financing for high-impact projects.
Orrick advised BOAD on the structuring and implementation of this cross-currency financing arrangement.
BOAD is the development finance institution of the West African Economic and Monetary Union (WAEMU), mandated to promote balanced development and economic integration across its member states by financing priority investment projects. It operates across key sectors including infrastructure, energy, agriculture, transport, and private sector development, and plays a central role in advancing sustainable and inclusive growth in West Africa.
IFC is a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets. It provides investment, advisory, and asset management services to foster private sector-led development across more than 100 countries.
The transaction aims to institutionalise local currency financing as a structural pillar of development finance in West Africa, addressing the region’s reliance on short-term bank lending and the scarcity of long-term funding for infrastructure and transformational investments.
By reducing foreign exchange risk for borrowers and diversifying long-term funding sources, the structure is expected to deepen local capital markets, enhance financial resilience, and support sustainable economic growth and job creation across the WAEMU region.
The Orrick team is led by Hugues Martin-Sisteron and includes Othmane Belkasseh.