Financing a project

Forms of BOAD intervention


BOAD intervenes in various ways:

  • Equity investment in companies or National Financial Institutions (NFIs);
  • Financing short-term operations ;
  • Financing of project feasibility or engineering studies ;
  • Assistance to small and medium-sized enterprises (SMEs) through :
    • credit lines to help finance micro-projects and the development of SMEs;
    • specialized global advances ;
    • refinancing framework agreements ;
    • leasing lines ;
  • Easing of borrowing conditions through interest-rate subsidies for projects in the non-profit sector;
  • Assistance in the preparation, promotion and implementation of projects;
  • Bond guarantees ;
  • Project financing arrangements ;
  • Financial advice.

The following are eligible for BOAD financing

  • UEMOA member states;
  • Their local authorities and public establishments;
  • Organizations, companies and individuals contributing to the development or integration of the economies of member states;
  • Any individual or legal entity, UEMOA or foreign, wishing to invest in the UEMOA zone, in operations falling within the BOAD’s areas of intervention.
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Private projects

In the case of private projects, to benefit from BOAD financing, the management company must have a real legal existence. Companies eligible for the Bank’s assistance must be managed on a private basis, with commercial-style accounting, organization and operations that comply with the relevant regulations.

BOAD intervention criteria

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The project must generate a satisfactory financial return and be compatible with the country’s development objectives. It must demonstrate :

  • The existence of a buoyant market: demand, supply, sales policy ;
  • The project’s comparative advantages over the competition ;
  • The sector’s overall growth prospects ;
  • Costs and origins of labor and raw materials;
  • Reliability of technology and project management;
  • The company’s financing plan and financial resources.


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When the Bank is involved in financing a project, its loan must be backed by specific guarantees.

The range of standard warranties includes :

  • Personal guarantees :
    • Joint and several surety of the main shareholders
    • Backing of guarantee funds
    • Guarantee from a first-class bank
  • Security interests in company assets :
    • Mortgage ;
    • Pledging of business assets (including operating materials and equipment)
    • Pledging of sound assets (sound receivables ….)
    • Domiciliation of project revenues in one or more bank accounts acceptable to the Bank.
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Evaluation of the project promoter

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The promoter’s evaluation involves the analysis of :

  • Entrepreneurial qualities;
  • Credibility;
  • His motivation;
  • Financial strength.

Technical Partner

BOAD requires the participation of a technical partner when the project calls on a technology not mastered by the promoter. The technical partner will be any individual or legal entity willing to contribute its know-how to the success of the operation, and to train local staff in the optimal use of production equipment.


Equity contributions are required to finance private projects.

For start-up projects, these contributions must be at least 25% to 40% of total investment, including working capital, depending on the sector.

For development projects, the minimum contribution will be assessed taking into account the company’s debt structure and project risk.

Financial partner

The participation of a local bank or financial institution in the financing of a project in which BOAD is involved is essential for private projects.

Putting together your file

For BOAD to consider a project, the file to be submitted must include :

  • A formal request for financing (letter, telex, fax, etc.) from the project promoter, indicating the amount and form of financing required (loan, refinancing line, equity investment, etc.);
  • A detailed study of the project covering the following aspects: market, organization and management of the project, technical and financial aspects, and possibly economic aspects.

The following additional documents and information are required for project appraisal and possible financing:

  • The company’s last three annual reports and certified financial statements, in the case of modernization, expansion or rehabilitation projects;
  • The auditor’s report on the financial statements in the case of an equity investment for a capital increase;
  • Technical and financial references of the technical, financial or commercial partner, if applicable;
  • Appraisal reports on existing assets in the case of contributions in kind, or proposed takeovers of existing businesses;
  • Bank details ;
  • Bylaws and other basic texts ;
  • Guarantees.


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