The West African Development Bank (BOAD) has greenlit several financing initiatives totaling CFA25 billion ($40.82 million), aimed at bolstering the operational and financial capacities of institutions focused on green infrastructure and small and medium enterprises (SMEs). The approvals came during the board meeting on Thursday, June 27, 2024.
The first decision involves a refinancing line of CFA10 billion for the Banque Sahélo-Saharienne pour l'Investissement et le Commerce Côte d'Ivoire (BSIC CI). This funding is designed to enhance BSIC CI’s medium-term financing activities for SMEs and small and medium industries (SMIs), with a focus on productive investment projects.
In addition, BOAD has decided to invest CFA5 billion in the I&P Afrique Entrepreneurs 3 (IPAE 3) fund. This fund follows IPAE 1 and IPAE 2, which have supported around 100 growing African businesses. The first IPAE fund, launched in 2012, had a size of €54 million, while the second reached €92 million. With BOAD’s support for IPAE 3, the goal is to finance 15 to 17 SMEs in Sub-Saharan Africa, mainly in West Africa and Madagascar, and to maintain or create approximately 5,000 jobs.
Finally, the board approved BOAD’s equity stake in the Project Development Fund of the Alliance for Green Infrastructure in Africa (AGIA-PD), a venture led by the African Development Bank (AfDB), amounting to CFA9.839 billion. AGIA-PD, endowed with $10 billion, is a fund created by the AfDB, the African Union Commission, and the investment platform Africa50. Its mission is to bridge Africa’s infrastructure gap by attracting third-party capital to finance green infrastructure and support the transition to net-zero emissions.
Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...
• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...
• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• India’s NMDC launches a strategic center in Dubai to boost mining acquisitions in Africa.• A three-year copper and cobalt exploration campaign starts in...
• The Green Climate Fund approves $222 million for FAO to launch the SURAGGWA program in eight Sahelian countries.• The initiative focuses on...
Through such initiatives, Cassava Technologies aims to position itself as a leading digital solutions provider across its markets, empowering Africans to...
As Kenya races toward a more connected future, the country stands as a regional leader in harnessing technology to unlock human potential and transform...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...
Lake Natron, located in northern Tanzania near the Kenyan border, is one of the most extraordinary and extreme lakes in Africa. Fed primarily by the Ewaso...