1 minute read | October.21.2026
The West African Development Bank (BOAD) entered into a landmark €200 million reciprocal financing agreement with Proparco, the private sector financing subsidiary of the Agence Française de Développement (AFD) group, signed on 14 October 2026. Denominated in euros and West African CFA francs, this cross-currency arrangement is a first in both its nature and its ambition.
Orrick advised BOAD on the transaction.
BOAD is the development finance institution of the member states of the West African Economic and Monetary Union (WAEMU). It finances projects supporting the economic development and integration of the region.
The arrangement will broaden access to the West African CFA francs market to diversify financing for local businesses. It will support WAEMU foreign exchange reserves to strengthen the region’s macroeconomic resilience and finance structuring projects led by the private sector, a key driver of job creation in the region.
It follows BOAD’s recent €600 million reciprocal financing agreement with the International Finance Corporation (IFC), a member of the World Bank Group, on which Orrick also advised.
Together, the two transactions represent €800 million of financing.
The Orrick team is led by Hugues Martin-Sisteron and includes Othmane Belkasseh.