| Project Detail |
On November 21, 2024, The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group,?signed a contract of guarantee for EUR 506 million (US$ 535 million), providing a 15-year Non-Honoring of Financial Obligation by a Regional Development Bank (NH-RDB) guarantee to Société Générale of France, HSBC Bank Plc of the United Kingdom, for their non-shareholder loan to the West African Development Bank (Banque Ouest Africaine de Développement or BOAD), the Togo-based development finance institution of the West African Economic and Monetary Union (WAEMU).
Created in 1973, BOAD’s mandate is to promote the economic integration and the development of its member states namely, Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Togo, and Senegal, all IDA/FCS countries. The MIGA-guaranteed financing will support BOAD’s lending operations towards sustainable and climate public and private projects in its member countries (Project). The proceeds of the guaranteed loan will benefit priority sectors in BOAD’s member countries, including agriculture, renewable energy, general and digital infrastructure, green housing and real estate healthcare, and education.
The Project is strongly aligned with MIGA’s Strategy and Business Outlook FY 24-26, as it will promote and encourage the flow of foreign investments to develop projects in IDA and FCS countries and contribute to addressing the global challenge of climate change in BOAD’s member countries. The Project is highly complementary to the World Bank’s and IDA’s recent interventions in BOAD focusing on the development of affordable housing within WAEMU and a regional off-grid electrification project. MIGA’s participation in the Project therefore contribute to reinforcing the World Bank Group’s approach to development challenges in WAEMU and to strengthening the relationship with BOAD. |
