Grace Ashiru
The West African Development Bank (BOAD) and French development finance institution Proparco have signed a EUR 200 million cross-currency financing agreement targeting private sector expansion across the West African Economic and Monetary Union (WAEMU).
The deal, structured by advisory firm Galite, uses a euro-to-CFA franc cross-currency mechanism designed to expand local-currency lending, strengthen foreign exchange reserves, and improve financing access for regional businesses. It was announced at the Africa Forward Summit 2026.
Founded in 1973 and headquartered in Lomé, Togo, BOAD said the structure would support private sector projects and regional economic integration. Proparco described the initiative as part of wider efforts to reform global development finance and mobilise more local-currency capital for African economies.
