MIL Africa Engine

Source: APO – Report:

To help boost local currency financing, private sector growth, and job creation across the West African Economic and Monetary Union (WAEMU), the West African Development Bank (BOAD) (www.BOAD.org) and the International Finance Corporation (IFC), a member of the World Bank Group, today announced the signing of two reciprocal financing facilities for an aggregate amount of up to EUR 600 million in euro (EUR) and West African CFA franc (XOF).

Under the partnership, signed on the sidelines of the Africa CEO Forum in Kigali, IFC will provide BOAD with long-term EUR funding to help the bank expand lending across energy, agribusiness, transport, urban development, and MSMEs across the WAEMU, in line with BOAD’s 2026-2030 Strategic plan “Djoliba….La suite”. In return, BOAD will provide IFC with a flexible XOF facility to support cost-efficient, long-term local currency financing for high-impact, job-creating projects in the region.

This large-scale operation, supported by Galite, BOAD’s structuring advisor, aims to institutionalize local currency financing as a cornerstone of regional development in West Africa

“This landmark transaction with BOAD represents IFC’s first-ever reciprocal facility between development finance institutions and will support the expansion of BOAD’s private-sector lending across WAEMU. It will also broaden IFC’s sources of long-term local-currency financing at competitive cost, benefiting projects while advancing regional growth and job creation. Above all, it underscores the strength of our partnership and our shared capacity to deliver effective financial solutions at scale in support of IFC’s 2030 ambitions,” said Makhtar Diop, IFC’s Managing Director.

“Strengthening access to long-term local currency financing is a core priority of the “Djoliba…La suite” 2026–2030 Strategic Plan. Our collaboration with IFC enhances our capacity to serve the private sector across all eight member states. This operation reflects our shared ambition to deepen cooperation between development finance institutions to support sustainable and inclusive growth in West Africa,” said Serge Ekué, President of BOAD.

In the WAEMU region, bank lending remains predominantly short-term, limiting the availability of long-term financing for infrastructure and other key transformational investments in various sectors. As most private sector borrowers generate revenues in XOF, local-currency financing is essential to mitigate foreign-exchange risk. 

By optimizing resource mobilization, this reciprocal structure aligns the long-term objectives of both institutions with WAEMU’s financing needs. It will deepen local markets by strengthening the XOF market and expanding diversified, resilient funding options for West African companies, while also supporting macroeconomic resilience by helping preserve the stability of foreign-exchange reserves across the WAEMU region.

IFC and BOAD have a strong track record of collaboration in the WAEMU region, including joint financing in key growth sectors such as housing, MSME finance, digital, and infrastructure.

– on behalf of Banque Ouest Africaine de Développement (BOAD).

Press contacts:
For IFC
Abdoul Maiga
Senior Communications Officer for West Africa
amaiga7@ifc.org
+1 202 967 8969

For BOAD
Head of Communication and Public Relations
dndiaye@boad.org
+228 99 86 41 44

Follow BOAD: 
LinkedIn: @BOAD (https://apo-opa.co/4eQvohx)

About IFC: 
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.IFC.org.

About BOAD:
The West African Development Bank (BOAD) is the common development finance institution of the member countries of the West African Monetary Union (WAMU). It is an international public institution whose purpose, as provided under Article 2 of its Articles of Association, is to promote the balanced development of its member countries and foster economic integration within West Africa by financing priority development projects. It is accredited to the three climate finance facilities (GEF, AF, GCF). Since 2009, BOAD sits as an observer at the UNFCCC and actively participates in discussions on devising an international climate finance system. Since January 2013, it has been home to the first Regional Collaboration Centre (RCC) on Clean Development Mechanism (CDM), whose aim is to provide direct support to governments, NGOs and the private sector in identifying and developing CDM projects. The Bank has been holding the International Development Finance Club (IDFC) ’s sole presidency as of 27 February 2025, that it had been co-chairing since 15 October 2023. This Club brings together 27 national, regional and multilateral development banks from around the world.

For more information: www.BOAD.org

Source: APO

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Ms. Tekea Tesfamicael, President of the National Union of Eritrean Women, conducted a seminar for female members of the Eritrean Defense Forces focusing on the “Role of Eritrean Women in Resilience and Development.”

At the seminar, conducted today, 15 May, at Denden Camp, Ms. Tekea noted that the EPLF exerted strong efforts to realize equality through practice and carried out extensive awareness and organizational activities. As a result, the National Union of Eritrean Women was established in November 1979 during the armed struggle for Independence.

Ms. Tekea went on to say that, as a result of the opportunities created for women during the armed struggle for Independence, Eritrean women were able to receive political and vocational training and effectively participate in all sectors of the struggle, including as army commanders.

Noting that after Independence the Eritrean Government abolished and amended laws that harmed and discriminated against women and issued new equitable laws, Ms. Tekea said that these measures, combined with the values nurtured during the armed struggle, have created new opportunities for women.

Ms. Tekea also said that the union is exerting strong efforts to strengthen its organization inside the country and abroad, and called for reinforced efforts and greater participation of women.

Distributed by APO Group on behalf of Ministry of Information, Eritrea.

Source: APO

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Independent assessment recommends closure of the 2021 variant poliovirus type 2 outbreak, while calling for sustained immunization and surveillance. 

Guinea-Bissau has reached an important milestone in its continued commitment to a future free from polio. After being certified free of wild poliovirus in 2019 by the Africa Regional Commission for the Certification of poliomyelitis eradication (ARCC), the country has now received a recommendation for the formal closure of the variant poliovirus type 2 outbreak detected in 2021. 

The recommendation follows an independent assessment conducted by the Global Polio Eradication Initiative Outbreak Response Assessment team. After reviewing the country’s response, including population immunity, supplementary vaccination campaigns and surveillance, the team concluded that there is no evidence of continued transmission of the virus.

This is a significant public health achievement for Guinea-Bissau and an important step in protecting children from a preventable disease. It also reflects the commitment of health workers, communities, parents, caregivers, national health authorities and partners who contributed to the response.

Understanding the 2021 outbreak

On 14 October 2021, Guinea-Bissau was informed by the Institut Pasteur de Dakar, through WHO, of the isolation of variant poliovirus type 2 in four samples. These included three children affected by Acute Flaccid Paralysis and one contact of an AFP case. The cases were identified in the Autonomous Sector of Bissau and in Biombo region.

The Ministry of Public Health declared the outbreak a public health emergency event on 21 March 2022. In response, Guinea-Bissau organized two rounds of supplementary immunization activities from 27 to 30 April 2022 and from 22 to 25 June 2022, with technical and financial support from partners of the Global Polio Eradication Initiative.

More than 600,000 children aged 0 to 59 months were vaccinated using the novel oral polio vaccine type 2. The response also included activities to strengthen population immunity, reinforce Acute Flaccid Paralysis surveillance, and expand environmental surveillance.

A collective response to protect every child

The response was carried out under the leadership of the Ministry of Public Health and with the engagement of a wide range of stakeholders, including health professionals, political, traditional and religious leaders, civil society organizations, media, communities, parents and caregivers.

Reaching children across the country required not only vaccines, but also trust, communication and community engagement. These efforts were essential to ensure that families had access to reliable information and that children, including those in hard-to-reach and border areas, were not left behind.

Sustaining a polio-free future is also an equity commitment. Every child has the right to be protected from vaccine-preventable diseases, regardless of where they live, their family’s income, disability status, ethnicity, gender or access to health services.

Sustaining the gains

Although the recommended closure of the outbreak is a major achievement, continued vigilance remains essential. The Outbreak Response Assessment team will provide detailed technical recommendations to support Guinea-Bissau in sustaining population immunity, closing surveillance gaps and reducing the risk of future importations, including through strong cross-border initiatives.

WHO recognizes the leadership of the Ministry of Public Health, the dedication of health professionals, the trust of communities and the continued support of partners in achieving this important milestone. WHO reaffirms its commitment to supporting Guinea-Bissau in maintaining strong immunization systems, sensitive surveillance and a future free from polio.

Distributed by APO Group on behalf of World Health Organization (WHO) – Guinea-Bissau.

Source: APO

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• Ghana’s ECF-supported economic program has delivered substantial stabilization gains driven by strong reform efforts and significant progress in public debt restructuring, leading to sharply lower inflation, higher external buffers, improved confidence in the cedi, and marked debt sustainability gains.
• As stability takes hold, IMF engagement is shifting beyond the ECF toward reform-focused PCI. Discussions combined the 2026 Article IV consultation, final ECF review, and negotiations on a 36-month non-financing Policy Coordination Instrument (PCI), focusing on a credible fiscal path, resilience building, and structural reforms.
• Improvements in the debt trajectory created fiscal space to advance development objectives while preserving hard-won stabilization gains. This space is contingent on strong implementation of ambitious public financial management and structural reforms to mitigate risks associated with contingent liabilities.
• Amid external uncertainty and elevated fiscal risks –notably from SOEs and ongoing quasi-fiscal activities, the PCI reform agenda will prioritize stronger safeguards, transparency, and accountability to entrench policy credibility, rebuild buffers, and create space for priority investment and development spending.

An International Monetary Fund (IMF) staff team, led by Mr. Ruben Atoyan, visited Accra during April 29 – May 15, to discuss the 2026 Article IV consultation, the sixth and final review of the Extended Credit Facility (ECF), and the authorities’ request for a non-financing Policy Coordination Instrument (PCI). The team met with senior officials and a broad range of stakeholders.

At the end of the mission, Mr. Atoyan issued the following statement: 

“Ghana’s ECF-supported program has delivered substantial stabilization gains. Inflation has declined rapidly, international reserves have been rebuilt, and confidence in the cedi has improved. Fiscal performance has strengthened markedly, with the primary surplus overperforming the program target in 2025, while the public debt ratio declined sharply. Growth exceeded expectations in 2025, supported by broad-based activity, and the external position strengthened on the back of historically high gold export receipts. Program performance has remained broadly satisfactory, with quantitative targets mostly met, while structural reforms were implemented with delays. Going forward, sustaining the reform momentum is critical.”

“The global environment remains uncertain. While direct spillovers from the war in the Middle East have so far been limited, the impact of the war is expected to be transmitted through higher energy, food, and fertilizer prices. The volatile external environment underscores the importance of preserving prudent policies and strengthening resilience.

“The authorities have made significant progress in advancing domestic and external debt restructuring, contributing to an improved debt trajectory. Bilateral debt relief agreements have been reached with about half of official creditors under the G20 Common Framework, with steady progress continuing toward agreements with the remaining official and commercial creditors. The successful resumption of domestic T-bond issuance earlier this year signals a return of investor confidence. Maintaining prudent borrowing, implementing the IMF‑supported debt rollover strategy for 2027–28, and strengthening debt management and transparency would help secure durable market access.

“As macroeconomic stability takes hold, IMF engagement is pivoting from crisis stabilization to consolidation, with a focus to help sustain reform momentum and build resilience beyond the current ECF program. It is in this regard that the authorities and the IMF have also reached staff-level agreement on policies that will be supported by a non-financing 36-month PCI aimed at: (i) sustaining growth-friendly fiscal adjustment; (ii) safeguarding debt sustainability; (iii) strengthening fiscal transparency and governance, particularly for state-owned enterprises; (iv) enhancing the monetary and exchange-rate policy framework; (v) reinforcing financial sector stability; and (vi) supporting economic diversification and inclusive growth.

“Recent improvements in the debt trajectory have created carefully calibrated fiscal space under the PCI. This space will help Ghana address pressing development needs, promote youth employment, and strengthen social spending, while preserving the achievement of the legislated 45 percent of GDP debt anchor by 2034. Staff assess that lowering the primary surplus to 0.5 percent of GDP from 2027 would remain consistent with safeguarding debt sustainability, provided that further progress is made in strengthening public financial management, including in the areas of fiscal risk management, state-owned enterprise governance, and quasi-fiscal activities. 

“Maintaining a forward-looking, prudent monetary policy is instrumental to firmly anchoring inflation expectations. Efforts to ensure effective monetary policy transmission and confidence should focus on strengthening the central bank’s balance sheet. The losses associated with the Domestic Gold Purchase Programme (DGPP) underscore the importance of increasing transparency and limiting quasi-fiscal activities that weaken the central bank’s balance sheet. Efforts to protect the Bank of Ghana’s balance sheet from DGPP-related quasi-fiscal risks and budget recognition of future costs would help enhance accountability and oversight. 

“Reinforcing financial sector stability remains a priority. Staff welcomed recent progress in strengthening banks’ recapitalization, unwinding temporary regulatory forbearance introduced during the debt exchange, and intensifying supervision and corrective actions for weaker institutions. Going forward, continued vigilance is essential to address the remaining vulnerabilities, including through effectively implementing reform and restructuring strategies for state-owned banks and specialized deposit-taking institutions, reducing high non-performing loans (NPLs), and supporting sustainable credit growth.

“Protecting public resources requires continued reform efforts in the energy and cocoa sectors. In the energy sector, priority should be given to tackling distribution and collection losses at the Electricity Company of Ghana (ECG), including by finalizing the private sector participation in distribution sector, enhancing payment discipline, clearing legacy arrears, and reducing generation costs. In the cocoa sector, recent interventions have provided some relief, but deeper reforms are needed to address longstanding vulnerabilities. Priority should be given to strengthening the legislative framework to streamline costs, including through more frequent farmgate price adjustments, improve efficiency, and ensure Cocobod’s long-term financial sustainability.

“Eliminating gaps in the anti‑corruption framework would strengthen Ghana’s governance record and support investor confidence. A meaningful public disclosure of standardized asset declarations, subject to appropriate privacy safeguards, would be a key step in this direction.  

“The IMF staff team commends the resilience and determination of the Ghanaian people and thanks the authorities for their constructive engagement and candid policy discussions. Avoiding past policy slippages—including recurring cycles of fiscal imbalances, rising debt, weak buffers, and reform reversals—will be critical to safeguarding the hard-earned success. Sustaining a prudent policy mix and accelerating structural reforms remain essential to strengthen resilience, build confidence, and support inclusive, private-sector-led growth. To entrench stability and support stronger, more inclusive growth and job creation, post-ECF policies should be anchored in a robust institutional framework and sustained reform implementation.”

Distributed by APO Group on behalf of International Monetary Fund (IMF).