• West African Development Bank plans CFA6,500 billion ($11.5 billion) in financing for 2026–2030.

• The strategy relies on borrowing, securitization, and equity increases to scale funding.

• The institution accelerates its shift toward a group structure inspired by major multilateral lenders.

The West African Development Bank has entered a new phase after the Council of Ministers of the West African Economic and Monetary Union approved its five-year strategic plan “Djoliba, la suite” on March 27 in Dakar.

The plan commits the institution to mobilize CFA6,500 billion (about $11.5 billion) in financing over 2026–2030. This target nearly doubles the previous cycle’s commitments.

Strong financial base supports expansion

The bank supports this acceleration with solid financial fundamentals. Between 2021 and 2025, the institution mobilized CFA3,765 billion and delivered average annual net banking income growth of 11%. It maintained a non-performing loan ratio at 2.5%.

Moreover, the Djoliba 2021–2025 program achieved a 107.4% execution rate and committed $5.2 billion across infrastructure, agriculture, and social sectors. These results exceeded initial targets.

The bank confirmed this momentum in 2025 results. It increased its balance sheet by 38% to CFA5,363 billion. It posted net income of CFA42.5 billion, up 8%, and raised effective equity to CFA1,780.5 billion.

At the same time, the institution maintained its investment-grade ratings of Baa1 from Moody’s and BBB from Fitch Ratings. These ratings signal credibility to international capital markets and support recent fundraising operations.

Financial structure scales securitization

The bank structured its CFA6,500 billion target around three main levers. It plans to raise CFA2,650 billion through market borrowing, mobilize CFA1,100 billion via securitization, and increase its equity base.

This strategy builds on prior experience. In 2023, the bank executed its first Doli-P securitization, raising CFA150 billion on sovereign receivables. The deal won the innovative transaction award at the BRVM Awards 2024.

In 2024, the bank completed a second issuance backed by non-sovereign assets and raised CFA160 billion in a single subscription day.

By the end of the previous plan, the bank already covered 26% of its balance sheet through securitization and credit insurance mechanisms. The new cycle aims to systematize this active balance sheet management. Consequently, the bank seeks to free regulatory capital and redeploy it continuously into new projects. This model aligns the institution with major multilateral development banks.

From bank to group: structural transformation

The bank now aims to transform into an integrated banking group. It models this ambition on institutions such as the World Bank, the French Development Agency, and the African Development Bank.

According to Serge Ekué, “it is about transforming the project cycle from an approval logic to a full execution and impact logic.”

The bank will implement this shift by creating specialized entities around its Lomé headquarters. It will rely on structures such as BOAD Titrisation and the newly launched BOAD Market Solutions.

Furthermore, the bank developed the plan with support from Boston Consulting Group after consultations with shareholders and private sector actors. The strategy focuses on four priorities: infrastructure financing, energy transition, climate resilience, and private sector support.

The bank has already announced more than CFA1,300 billion to support Côte d’Ivoire’s 2026–2030 national development plan. It has also allocated CFA750 billion for multi-sector recovery in Burkina Faso.

In addition, the bank is deploying €26 million ($29.8 million) in green financing across Benin, Burkina Faso, and Mali.

Finally, the institution crossed the symbolic threshold of CFA10,000 billion in cumulative financing since 1976. It reached this milestone during the Dakar session after approving an additional CFA501.5 billion in commitments.

Fiacre E. Kakpo