LOMÉ, Togo, October 21, 2025 — The West African Development Bank (BOAD) (https://www.BOAD.org) has achieved a groundbreaking milestone by successfully issuing a EUR 1 billion bond with a 15-year maturity on the international capital market.
This historic transaction underscores the Bank’s growing reputation for stability, credibility, and innovation in Africa’s financial landscape.
The record-breaking deal attracted EUR 2.7 billion in orders, demonstrating overwhelming investor confidence in the institution’s performance and the promising outlook of the West African Economic and Monetary Union (WAEMU).
Strong Global Investor Confidence in BOAD
This landmark issuance by the West African Development Bank (BOAD) reflects the strong appetite among global investors for African development finance institutions.
The transaction drew investors from diverse geographic regions, including:
United Kingdom and Ireland (49%)
DACH region — Germany, Austria, and Switzerland (23%)
United States (13%)
Rest of Europe (10%)
Middle East (4%)
Asia (1%)
By investor type, asset managers represented 74%, followed by hedge funds (14%), banks and private banks (7%), pension funds/insurers (3%), and central banks (1%).
The robust order book enabled a 35-basis point spread tightening, culminating in a competitive coupon rate of 6.25%, marking one of the most successful placements by an African multilateral development bank in recent years.
A New Benchmark for African Multilateral Development Banks
The West African Development Bank (BOAD) has set a new benchmark for African multilateral development banks (MDBs) by achieving the longest euro-denominated benchmark bond ever issued by an African MDB.
The proceeds from this bond will finance high-impact infrastructure and development projects across WAEMU, aligning perfectly with BOAD’s strategic vision to promote sustainable and inclusive growth in its member states.
The 15-year maturity period mirrors the long-term nature of BOAD’s investments, reinforcing its role as a cornerstone institution for regional development financing.
Leadership Vision and Strategic Impact
Mr. Serge Ekue, President of the West African Development Bank (BOAD), emphasized the broader significance of the achievement:
“This deal is more than a financial achievement; it is a recognition of BOAD’s strong fundamentals, creditworthiness, and unwavering commitment to sustainable development,” said Ekue.
“The success of this EUR 1 billion bond strengthens our capacity to finance transformative projects that shape the future of West Africa.
It also demonstrates the resilience and credibility of our institution, even in a challenging global environment.”
He also expressed appreciation to the lead banking syndicate—BNP Paribas, J.P. Morgan, Natixis, and SMBC, as well as the legal advisors and partners who played pivotal roles in completing this historic transaction.
Driving Sustainable Growth Across West Africa
Proceeds from the West African Development Bank (BOAD) bond issuance will be channelled into projects that advance infrastructure, renewable energy, and regional integration — sectors critical to the long-term prosperity of West Africa.
By extending financing to essential development initiatives, the Bank reaffirms its mission to promote balanced economic growth and deepen integration within the West African region.
About the West African Development Bank (BOAD)
Founded to promote balanced development among the member countries of the West African Monetary Union (WAMU), the West African Development Bank (BOAD) finances projects that stimulate regional cooperation, sustainable growth, and climate resilience.
BOAD holds accreditations from major climate finance facilities — including the Global Environment Facility (GEF), Adaptation Fund (AF), and Green Climate Fund (GCF) — and participates actively in global climate policy discussions as an observer to the UNFCCC.
Since 2023, BOAD has also co-chaired the International Development Finance Club (IDFC), a consortium of 27 development finance institutions, and has held the Club’s sole presidency since February 2025, highlighting its global leadership role in sustainable finance.
A Milestone for African Financial Leadership
The success of this EUR 1 billion, 15-year bond issuance confirms the West African Development Bank (BOAD) as a trusted partner for international investors seeking to contribute to Africa’s development story.
It further strengthens BOAD’s position as a leading catalyst for economic transformation in the WAEMU region, demonstrating how African institutions can access and leverage global capital markets effectively for sustainable growth.
Distributed by APO Group on behalf of Banque Ouest Africaine de Développement (BOAD).
Media Contact:
West African Development Bank (BOAD)
Communications and Public Relations Department
📞 Tel: +228 22 23 25 65
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📧 Email: [email protected]
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