AfDB Invests $24 Million in West African Development Bank to Boost Regional Development
The African Development Bank (AfDB) has signed a landmark $24 million equity investment agreement with the West African Development Bank (BOAD) to bolster its ability to support businesses in the West African Economic and Monetary Union (WAEMU) region.
The agreement was signed by AfDB Vice President for Private Sector, Infrastructure, and Industrialization, Solomon Quaynor, and BOAD President Serge Ekué during the Africa Investment Forum 2024 Market Days in Rabat.
This investment, which includes $10.8 million in callable capital available through 2027, will raise the AfDB’s shareholding in BOAD from 0.54% to 1%. It will also support BOAD’s ongoing capital increase initiative, enhancing its investment-grade rating and improving access to competitive financial markets.
Quaynor emphasized the significance of regional Development Finance Institutions, stating, “Regional DFIs like BOAD are key partners in promoting strategic sector investments and regional integration vital for Africa’s progress.”
The strengthened partnership will empower BOAD to advance projects in five fragile states and align with AfDB’s “High 5” priorities: Feed Africa, Industrialize Africa, and Improve the Quality of Life for Africans.
This move follows AfDB’s earlier support for WAEMU’s private sector, including a credit line extended in 2021, reinforcing its commitment to sustainable economic growth in the region.
