As it approaches the close of its 2021–2025 strategic cycle, the West African Development Bank (BOAD) has announced a 98.8% execution rate for its financing objectives. The institution injected more than CFA3,310 billion into the economies of the West African Economic and Monetary Union (WAEMU), surpassing expectations and strengthening its position as a key driver of regional development.
Over the same period, BOAD raised CFA4,510 billion in resources—137% of its original target—including CFA2,064 billion sourced from external partners.
The update came during the first edition of the BOAD Development Days, held in Lomé on June 12–13. The forum gathered government officials, financial partners, and policy experts to accelerate dialogue around financing energy transition and sustainable agriculture across West Africa.
Togo Secures CFA308 Billion in BOAD Financing
Togo emerged as a major beneficiary, receiving nearly 9% of BOAD’s total disbursements—approximately CFA308 billion between 2021 and 2025. These funds supported rural infrastructure, off-grid solar energy systems, agro-industrial development, clean water access, and education. Key projects include hydro-agricultural developments and solar installations in remote areas.
Togo’s Economy and Finance Minister, Essowe Georges Barcola, opened the forum, calling it “a platform for ideas and concrete actions for West Africa’s future.” He emphasized the alignment between BOAD’s Djoliba Plan and Togo’s national roadmap (2020–2025), which focuses on inclusion, food sovereignty, and energy access.
A Regional Impact Across Key Sectors
BOAD’s impact across WAEMU is measurable. The bank helped:
- Generate 1,440 MW of new energy capacity
- Rehabilitate 3,800 kilometers of roads
- Supply 308,240 cubic meters of potable water per day
- Build 8,195 classrooms
- Support over 23,000 SMEs
Also, CFA158 billion helped improve digital connectivity, reaching an estimated 1.8 million people.
Leading on Climate Finance
BOAD also reinforced its positioning as West Africa’s foremost climate finance institution, committing CFA242.4 billion to green initiatives—CFA163.4 billion for mitigation and CFA79 billion for adaptation.
“Climate change, rapid urbanization, and food insecurity force us to rethink production, investment, and consumption,” said BOAD President Serge Ekué, addressing officials and former prime ministers from Benin and Burkina Faso.
Security as a Prerequisite for Development
Minister Barcola closed the session by emphasizing the importance of peace and stability. “No development without security. Without peace, all efforts risk failure,” he stated.
Togo has long prioritized this vision. In 2012, it championed the WAEMU Peace and Security Policy under the leadership of President Faure Essozimna Gnassingbé. Today, the country aims to integrate security-driven diplomacy into a broader regional development agenda.
The BOAD Development Days are now set to become an annual event, reinforcing Lomé’s emerging role as a regional hub for sustainable development finance.
This article was initially published in French by Fiacre E. Kakpo
Edited in English by Ola Schad Akinocho