The West African Development Bank (BOAD) and the Japan Bank for International Cooperation (JBIC) signed a new memorandum of understanding on August 27, 2022. The objective is to promote the various projects implemented between Japan and West African countries.

The President of the West African Development Bank and the Governor of the JBIC, Hayashi Nobumitsu signed a memorandum of understanding to promote environmental sustainability and social in UEMOA countries and support for development projects in which Japanese companies are directly or indirectly involved in the zone. This signing took place on the occasion of the eighth Tokyo International Conference on African Development (TICAD 8), which was held in Tunisia. According to BOAD, the two institutions signed a memorandum of understanding for investment promotion between Japan and West African countries in August 2019, on the occasion of the seventh Tokyo International Conference on African Development (TICAD 7) held in Yokohama, Japan. The current Memorandum of Understanding reinforces the cooperation established between JBIC and BOAD.

Indeed, this agreement aims to support structural projects in West Africa with the participation of Japanese companies that will contribute to the preservation of the environment through an exchange of information between JBIC and BOAD on potential solutions to preserve the environment, including the reduction of greenhouse gas emissions. As the joint body responsible for financing development of the UEMOA member states, BOAD actively works to establish and preserve agreements that aim to strengthen international collaboration with foreign bodies that can create new development opportunities rsquo; business for West African States.