(Ecofin Agency) - 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.