In order to finance sustainable development in West Africa, the Multilateral Investment Guarantee Agency (MIGA) announced a guarantee of USD 535 million via the West African Development Bank (BOAD).

The facility granted by the guarantee agency, a member of the World Bank Group, will help the West African Development Bank to finance more green projects in the region, in a context of increasingly acute climate challenges. In fact, the MIGA guarantee will allow BOAD to devote 50% of this loan to projects related to climate finance, with a particular focus on climate change adaptation. According to Serge Ekue, President and CEO of BOAD, “this guarantee product represents a particularly innovative initiative. It will actively support the financing of projects with a high environmental and social impact, thus demonstrating our commitment to sustainable development and social responsibility.” According to MIGA Executive Vice President, Hiroshi Matano, MIGA considers that “this project reflects our commitment to supporting the financing of the fight against climate change in low-income countries and to meeting the main development challenges. We are confident that our guarantee will catalyze further investments in the transition to a green economy and create new green jobs.”