Financing your company with the BOAD:
what the file must demonstrate

On 1 October 2026, the West African Development Bank (BOAD) and the Chamber of Commerce and Industry of Côte d'Ivoire brought business leaders together in Abidjan to present the bank's instruments for the private sector. The context is well known: the 2026-2030 National Development Plan expects nearly 70% of its investment from the private sector. According to the BOAD, more than 2,600 billion FCFA have been mobilised for the Ivorian economy since its creation, about 43% of it directly with the private sector.

The useful question for a company is not whether the BOAD finances the private sector, but what its file must demonstrate to gain access.

The entry points

• Direct loans, medium and long term, for projects of sufficient size. The BOAD finances at most 50% of the project's total cost excluding taxes, working capital included.
• Refinancing through banks: the BOAD grants lines to local banks and financial institutions, which then lend to SMEs. For most mid-market companies, this is the realistic route.
• Equity, as a minority shareholder, directly or through investment funds.
• Guarantees, including on bond issues, which improve the credit quality of an issue or a bank loan.

What the file must demonstrate

• A real equity contribution. For a direct loan, the BOAD requires at least 15% of the cost for an expansion or modernisation project, and 35% of the cost including taxes for a new project.
• Closing the rest of the financing plan. The BOAD does not lend alone: at least one local bank must take part. A file without a partner bank is not complete.
• Reliable accounts. Audited SYSCOHADA financial statements for recent years. This is often the first stumbling block.
• A quantified repayment capacity. A financial model showing, year by year, that project cash flows cover debt service with a margin, including in a downside scenario.
• Governance and environmental and social standards that meet a development lender's expectations: identified decision bodies, internal control, documented project impact.

Which door to choose

A direct loan requires a sizeable project and a structure able to meet a regional lender's appraisal standards. For an SME, the shortest path often runs through its own bank, by asking whether it holds a BOAD refinancing line suited to the project. In both cases the preparation is the same: clean accounts, a closed financing plan and a demonstrated repayment capacity.

Key takeaway

The BOAD provides part of the financing, over tenors that banks alone rarely offer. It replaces neither the company's equity nor its bank. A file is prepared before the first meeting, not after.