MIL Africa Engine

Source: APO

Following the 150^th ordinary meeting of its Board of Directors held on 25 and 26 March in Dakar, under the chairmanship of Mr. Serge EKUE, the WAMU Council of Ministers, at its meeting held on Friday 27 March, formally approved all of the institution’s strategic proposals. This dual approval confirms the Bank’s financial strength and officially launches its new 2026–2030 development cycle. The financial year ended 31 December 2025, reflects the Bank’s growing momentum, with significant growth across all key segments.

Indeed, total assets stood at XOF5,363 billion compared to XOF3,893 billion at the end of the FYE2024, representing a 38% increase. BOAD reported a net profit of XOF42.476 billion, compared to XOF39.402 billion at the end of 2024, representing an increase of approximately 8%. This profit further strengthens the institution’s equity and the special funds established in its books to support member countries. This strengthening of equity improves the Bank’s solvency ratios and increases its capacity to finance projects for the benefit of member countries. The Bank has maintained a solid and balanced financial structure, notably with effective equity amounting to XOF1,780.546 billion, representing 33.20% of the total balance sheet.

Building on its international reputation, the Bank continues to enjoy the full confidence of its partners and investors, thanks to the quality of its credit ratings. These Baa1 and BBB ratings, classified as “investment grade,” remain unchanged and have been confirmed by Moody’s and Fitch Ratings.

As part of the effort to consolidate the achievements of the plan Djoliba, the Council of Ministers has approved the new five-year strategic plan, “Djoliba… the next step” which calls for an unprecedented acceleration with a funding target of XOF6.5 trillion for the 2026–2030 period—nearly double that of the previous plan.

To support this ambition, BOAD specifically plans for:

• The mobilization of XOF2.65 trillion in loans;
• A securitization program of XOF1.1 trillion;
• The transformation into BOAD Group incorporating specialized entities.

During the ordinary meeting held on 25 and 26 March 2026, the Board of Directors reviewed and approved several important matters pertaining to the Bank’s institutional life and approved 17 new projects totaling XOF501.568 billion, bringing the total amount of BOAD financing (all transactions combined) to XOF10,387.2 billion, since commencement of operations in 1976.

The Board approved the reappointment of the Audit Committee members and issued a favorable opinion on the institution’s 2025 annual report. The Board further approved the 2025 CSR annual report, the statement of recovery of BOAD loans as at 28 February 2026 and overall recovery situation as at 31 December 2025, the summary of impact assessments of BOAD’s operations carried out under the Plan Djoliba, and finally, the report on the implementation status of projects financed in Burkina Faso (2009–2024).

ITEMS FOR APPROVAL  

Strengthening governance, institutional support, and initiatives to support the Bank’s activities

Anti-corruption framework: policy for preventing and combating corruption (PPLCF), whistleblower protection policy (PPLA), policy for sanctioning wrongful practices (PSPR). The Board also strengthened the institution’s ethical framework by approving a new anti-corruption framework aligned with ISO 37001, affirming a “zero-tolerance” policy towards wrongful practices.

Third facility from Sumitomo Mitsui Banking Corporation (SMBC) to BOAD: a credit facility   to finance agricultural campaigns, including the purchase of agricultural inputs and the production and marketing cycles of cash crops, as well as the import and distribution of hydrocarbons in WAEMU member countries. Approved amount: €200 million euros, or XOF131.2 billion.

Grant from the Multilateral Investment Guarantee Agency (MIGA) to BOAD to strengthen the mainstreaming of gender and climate components into the Bank’s operations, through the development of e-learning modules, training for staff and clients, and the implementation of a tool for monitoring key gender indicators. Approved amount: up to US$299,167 or approximately XOF166.8 million.

Development projects for the West African sub-region

The approved loans are meant to partially finance the following projects:

Wassoulou Project (PDIW) – Côte d’Ivoire: to promote food security and cross-border trade between Côte d’Ivoire, Mali, and Guinea, through the construction of two dams and the development of 800 hectares of irrigated land. Approved amount: XOF29.7 billion.

Label d’Or SA – Togo: modernization of shea processing to benefit 33 women. Approved amount: XOF6 billion.

Cotton sector – Burkina Faso: purchase of 120,000 tons of agricultural inputs for the 2026–2027 cotton season.  Approved amount: XOF50 billion.

Cotton sector – Mali: partial funding of the 2025-2026 cotton season for the Compagnie Malienne pour le Développement des Textiles (CMDT) SA to collect and gin approximately 433,700 tons of seed cotton into lint. Approved amount: XOF25 billion.

Ouidah-Hillacondji road: widening of the Agonkanmey-Hillacondji corridor to reduce travel time by 50% and the number of accidents by 60% upon completion in 2030. Approved amount: XOF30 billion.

Yabayo-Buyo–Côte d’Ivoire Road: improving access and enhancing road safety. Approved amount: XOF30 billion.

Air Côte d’Ivoire Aircraft Maintenance Center (MRO) – Côte d’Ivoire: construction of a regional aircraft maintenance center in Abidjan to service its fleet and those of airlines operating in West and Central Africa. Approved amount: XOF35 billion.

Digital transformation of public services – Senegal: modernization of data centers and the SHARE submarine cable. Approved amount: XOf30.9 billion.

Koudougou Solar Photovoltaic Center by SONABEL – Burkina Faso: expansion to 40 MWp with a 10 MW/30 MWh battery storage system, to improve access to electricity and reduce CO2 emissions. Approved amount: XOF16.468 billion.

Energy security by the Société Nationale Burkinabè d’Hydrocarbures (SONABHY) – Burkina Faso: import of approximately 500,000 m³ of liquid and gaseous hydrocarbons. Approved amount: XOF45 billion.

Northern segment of the gas pipeline – Senegal: construction of an 85-km pipeline to ensure energy sovereignty. Approved amount: XOF50 billion.

Construction of a 50 MWp solar photovoltaic power plant and a 30 MW/90 MWh storage system in Linguère by SENELEC – Senegal: to better meet electricity demand and increase the share of renewable energy in Senegal’s energy mix. Approved amount: XOF41.5 billion.

Construction of 4,300 social and affordable housing units in Côte d’Ivoire – Phase 4 of 840 housing units at Bouaké: to help improve living conditions and reduce poverty. Approved amount: XOF42 billion.

Construction and equipment of six (6) vocational high schools in agriculture and agri-business (LPAA) – Phase 2 – Senegal: at Louga, Tambacounda, Kolda, and Matam to strengthen the range of national vocational training courses by developing skills tailored to market needs. Approved amount: XOF30 billion.

Construction and operation of a 4-star Mövenpick-branded hotel by Africa Hospitality Development (AHD) SA at Assinie, Côte d’Ivoire: to develop the coastal tourism sector. Approved amount: XOF10 billion.

Refinancing facilities for CORIS Bank International (CBI) SA – Burkina Faso: to promote access to renewable energy and support the cash flow needs of the National Security Stock Management Company (SONAGESS) for the establishment of food stocks for the 2025/2026 season. Approved amount: XOF20 billion.

Refinancing facility for CORIS Bank International (CBI) – Senegal: to expand its medium-term financing activities for productive investment projects in support to SMEs and SMIs, to accelerate its development and contribute to Senegal’s economic growth. Approved amount: XOf10 billion.

ITEMS FOR INFORMATION

The Board took note of the following items submitted for information:

• Minutes of the 53^rd meeting of BOAD Audit Committee
• Implementation of the 2021–2025 strategic plan DJOLIBA: review at the end of the 5^th year
• Review of the 2020-2024 CSR Strategy
• Status of BOAD’s operations per country as of 31 December 2025
• Status of the utilization of resources mobilized by BOAD as at 31 January 2026
• Report on the execution of BOAD’s sixth bond issue on the international financial market in October 2025
• Review of the implementation of BOAD IT Blueprint (2021-2025)
• Grant from the Global Environment Facility (GEF) to finance the Grand Nokoué greening program in Benin
• Grant from the Global Environment Facility (GEF) to finance the Integrated Climate Adaptation and Resilience Project (PAREC) in Mali
• Grant from the Global Environment Facility (GEF) to finance the Climate Adaptation and Resilient Agriculture Project in the Central Plateau (PACAR) in Burkina Faso
• Implementation report on the 2025 annual tranche of BOAD’s 2025-2027 programme-budget
• Compendium of recommendations and decisions adopted at BOAD Board meetings held in 2025
• Minutes of the regular meeting of the WAMU Council of Ministers held on 29 December 2025 in Cotonou, Benin.

In his closing remarks, the Chairman of the Board of Directors expressed his gratitude to the Senegalese authorities and the technical teams for all the commodities and facilities provided for the organization of the meeting under congenial conditions.

Distributed by APO Group on behalf of Banque Ouest Africaine de Développement (BOAD).

For further information, please contact:
Department of Communication and Public Relations
Tel: +228 22 23 25 65 
Fax: +228 22 23 24 38 
WhatsApp: +228 99 99 32 15
Email:boadsiege@boad.org

Source: APO

CityBlue Hotels, a member of The Diar Group, Africa’s fastest-growing local hotel chain, is pleased to announce a deal with Sands of Darakasi Resort Ltd for the development and operation of Oceara Residences by CityBlue, a landmark beachfront hospitality project in Watamu, Kenya.

Set on an approximately 6-acre prime beachfront site with over 130 metres of direct ocean frontage, Oceara Residences by CityBlue is envisioned as a premier coastal destination combining resort living with branded residential offerings. The development will comprise of 200+ units, including studios, one-bedroom, and two-bedroom apartments, supported by an extensive range of lifestyle and leisure amenities.

These will include multiple swimming pools, a beach club, restaurants, a spa, fitness facilities, and landscaped green spaces, positioning Oceara Residences by CityBlue as one of the most compelling mixed-use resort developments on the Kenyan coast. The project is currently in the development phase, with completion targeted for Q4 2029.

The development will be fully integrated into the Residences by CityBlue platform, ensuring alignment with international hospitality standards, strong brand positioning, and access to regional and global distribution networks.

Speaking on the sidelines of the Future Hospitality Summit in Nairobi, Jameel Verjee, CEO of CityBlue Hotels, commented:

“Oceara Residences by CityBlue represents a significant milestone in the evolution of Kenya’s coastal hospitality market. We are proud to partner with Sands of Darakasi Resort Ltd to bring this vision to life, combining world-class hospitality expertise with a unique beachfront offering that will attract both investors and leisure travellers. Our focus is to deliver a high-performing, design-led destination that creates long-term value for all stakeholders.”

The project reflects growing investor interest in branded residential and mixed-use hospitality developments in East Africa, particularly in high-growth leisure destinations such as Watamu. With its strong positioning and comprehensive amenity offering, Oceara Residences by CityBlue is expected to appeal to both regional and international buyers seeking a blend of lifestyle, investment, and hospitality-driven returns.

Distributed by APO Group on behalf of Future Hospitality Summit Africa (FHS Africa).

Media Contacts: 
Email: grow@citybluehotels.com

About CityBlue Hotels:
CityBlue is a leading hospitality and real estate management company with a growing footprint across sub-Saharan Africa. Founded in 2013, CityBlue has emerged an Africa-born partner of choice for developers across six countries on the continent with a view to delivering operational excellence and sustainable returns.

Source: APO

The Diar Group in partnership with Staroot Real Estate, is pleased to announce a proposed collaboration to develop and operate Diani Residences by CityBlue, a landmark mixed-use residential and hospitality development in Diani Beach. The announcement will be unveiled at the Future Hospitality Summit Africa (www.FutureHospitality.com) taking place in Nairobi on 1 April 2026.

Set on approximately five acres, the project is envisioned as a flagship lifestyle destination comprising between 400 and 500 contemporary residential units. The development will feature a thoughtfully curated mix of one-bedroom and two-bedroom apartments, designed to meet the evolving needs of both investors and end-users seeking high-quality coastal living experiences.

The project will be branded under the Residences by CityBlue platform, leveraging the extensive experience of CityBlue in managing hospitality-led residential developments across Africa. Known for its operational excellence and performance-driven approach, Diani Residences by CityBlue is expected to be the benchmark for integrated living within Kenya’s coastal real estate market.

The development will include multiple swimming pools, a fully equipped fitness centre, spa facilities, conferences and meeting spaces, children’s recreational areas, paddle courts, and curated food and beverage experiences.

A signature restaurant concept will anchor the culinary offering, supported by flexible dining spaces designed to accommodate both casual and private dining experiences.

Speaking on the proposed partnership, Jameel Verjee, Founder & CEO of CityBlue Hotels noted: “Diani continues to emerge as one of East Africa’s most attractive coastal destinations. This project represents an exciting opportunity to create a vibrant, hospitality-led residential community that delivers long-term value for investors while enhancing the destination’s global appeal.”

Distributed by APO Group on behalf of Future Hospitality Summit Africa (FHS Africa).

Media Contacts:
For CityBlue Hotels:
Email: grow@citybluehotels.com

For Staroot Real Estate:
Email: hello@staroot.co.ke

About CityBlue Hotels:
CityBlue is a leading hospitality and real estate management company with a growing footprint across sub-Saharan Africa. Founded in 2013, CityBlue has emerged an Africa-born partner of choice for developers across six countries on the continent with a view to delivering operational excellence and sustainable returns.

About Staroot Real Estate:
Staroot Real Estate is a seasoned developer with a strong track record of delivering premium residential and mixed-use developments in key locations across Nairobi and the broader region, driven by a commitment to thoughtful design, build quality, and sustainable long-term value.

Source: APO

The First Group Hospitality and MIDROC Investment Group have signed a master agreement to develop and operate 10 properties across Ethiopia, marking a significant growth of internationally branded hospitality assets in the East African country. The agreement was formalized during the Future Hospitality Summit Africa (www.FutureHospitality.com)  in Nairobi.

The portfolio includes independent and Marriott-branded franchised properties in key urban and gateway destinations, including Addis Ababa, Hawassa, Bahir Dar, Jimma, Langano and Danbi. In total, the hotels are expected to deliver approximately 1,140 keys, with openings phased between 2026 and 2031.

The agreement aligns with Dubai-headquartered The First Group Hospitality’s strategy to expand its third-party and white-label management platform in Africa. For Addis Abababased MIDROC Investment Group, the partnership supports the continued growth of its hospitality arm in Ethiopia.

Commenting on the agreement, David Thomson, Senior Vice President – Development of The First Group Hospitality, said: “Ethiopia represents one of the most compelling hospitality growth markets in East Africa, supported by ongoing investment in tourism and infrastructure. Our agreement with MIDROC Investment Group allows us to establish a substantial footprint in the market alongside a partner with deep local expertise, while delivering high-performing assets and creating long-term value across key destinations.”

“We are delighted to partner with The First Group Hospitality, combining their strong track record in development and operations with a shared vision to drive sustainable tourism growth across Ethiopia. This collaboration also reflects our commitment to developing Ethiopian talent and showcasing the country’s rich cultural heritage through authentic hospitality experiences,” said Solomon Zewdu, Deputy Chief Executive Officer of MIDROC Hospitality. “We see strong long-term demand across both business and leisure segments, and this partnership positions us to respond at scale.”

The announcement follows a series of recent developments by The First Group Hospitality, including the launch of Ciel Dubai Marina, Vignette Collection by IHG – the world’s tallest hotel – and the signing of franchise agreements with Marriott International, Radisson Hotel Group and IHG.

Distributed by APO Group on behalf of Future Hospitality Summit Africa (FHS Africa).

Media Contacts: 
Robyn James-O’Connor
Senior Vice President of Marketing – The First Group Hospitality
Robyn.OConnor@TFGHospitality.com
Communications support: TFGHospitality@PRByMiretPadovani.com

About The First Group Hospitality:
The First Group Hospitality is a Dubai-headquartered, full-service hospitality management company specializing in hotel operations, asset management, and F&B strategy. With a team of industry veterans and a proven track record, the company delivers tailored solutions that enhance efficiency, optimize revenue, and maximize asset value for investors and hotel owners. As a trusted third-party hotel management provider, The First Group Hospitality partners with leading global brands to drive operational excellence and long-term profitability, thanks to expertise spanning property performance optimization, cost management, and guest experience enhancement. Beyond management, The First Group Hospitality develops and operates a dynamic portfolio of upscale hotels, residences, and award-winning restaurants, creating high-value hospitality assets that stand out in the market.

For more information, visit www.TFGHospitality.com

About MIDROC Investment Group MIDROC:
Investment Group (MIDROC) is one of the largest and most influential private business conglomerates in Ethiopia. Its mission is to develop Ethiopia’s economy through private investment. As a major Ethiopian private company, MIDROC operates across various industries, demonstrating high diversification and organization into six key sectors: Agriculture, Manufacturing, Mining, Commerce, Construction and Real Estate, and Hospitality. The group directly creates employment opportunities for over 80,000 people. Since the 1990s, MIDROC has been a pioneer in transforming Ethiopia’s hospitality sector, contributing significantly to the industry’s growth and development. 

For more information, visit www.MIDROCInvestmentGroup.com

Source: APO

The Coca-Cola system in South Africa, comprised of Coca-Cola (http://www.Coca-ColaCompany.com) and its authorized bottlers – Coca-Cola Beverages South Africa and Coca-Cola Peninsula Beverages – today announced a planned R17.6 billion investment in South Africa through 2030.

The announcement was made by Luis Felipe Avellar, president of The Coca-Cola Company’s Africa operating unit, at the sixth South Africa Investment Conference (SAIC) in Johannesburg.

The investment will support expanded production capacity, strengthen distribution and accelerate innovation across the Coca-Cola system’s value chain – reinforcing Coca-Cola’s confidence in the South African market and its long-term economic prospects.

With a presence across the country, Coca-Cola has been investing in South Africa’s people and communities for nearly a century. Speaking at the conference, Avellar said: “Our R17.6 billion investment reflects our strong belief in South Africa’s potential and our commitment to growing alongside the communities we serve. We hire locally, produce locally, distribute locally and, where possible, source locally, helping to build a stronger, more integrated economy in South Africa.”

The announcement builds on the findings of a comprehensive socio-economic impact study by global consulting firm Steward Redqueen. The study highlights the scale of the Coca-Cola system’s contribution to South Africa’s economy, employment and communities.

The research reveals that the Coca-Cola system in South Africa, a broad network of local suppliers, distributors and retailers, contributed R51.2 billion in value-added economic activity in 2024.

Through its value chain, the Coca-Cola system supported over 87,000 jobs in sectors like retail, agriculture, manufacturing, transport and services. This included 7,822 direct jobs within the system and an estimated 79,300 jobs supported through suppliers, partners and customers. This means that for every direct job created by the system, 10 more jobs were supported across South Africa’s economy.

The study also highlights the Coca-Cola system’s strong local integration, with R25.6 billion of goods and services sourced from suppliers in South Africa in 2024.

This local procurement supports industries as diverse as sugar production, packaging, transportation and marketing, reinforcing the Coca-Cola system’s role as a partner for growth in South Africa’s economic development.

“South Africa remains one of our most strategic markets in Africa—the beginning of a legacy that dates back to Coca-Cola’s first entry on the continent in 1928. These findings reaffirm the Coca-Cola system’s role as a key driver of shared value and sustainable growth within the South African economy,” said Sunil Gupta, CEO, Coca-Cola Beverages Africa.

The study measured the direct, indirect and induced economic impacts of the Coca-Cola system in South Africa, combining company operational data with trusted third-party economic sources. The analysis demonstrates how Coca-Cola’s local operations ripple across the economy – from farmers growing sugarcane to retailers selling beverages – creating jobs, generating income and building opportunities.

Beyond economic impact, South Africa is one of the beneficiaries of the Coca-Cola system’s Africa Water Stewardship Initiative (http://apo-opa.co/4tlYwkN), a nearly $25 million investment through 2030 to help address critical water-related challenges in local communities in 20 African countries.

“We are optimistic about South Africa’s future, with a continued focus on investing in our business and in initiatives that support economic inclusion and lasting local prosperity,” Charl Goncalves, MD, Coca-Cola Peninsula Beverages, concluded.

The investment announcement follows the recent news of Coca-Cola HBC’s agreement to acquire a majority stake in Coca-Cola Beverages Africa, underpinning the importance of South Africa to the Coca-Cola system, and the growth opportunities the country presents.

Zoran Bogdanovic, CEO of Coca-Cola HBC, said: “Congratulations to the Coca-Cola system on this investment announcement. After the transaction completes, we look forward to continuing the great work of Coca-Cola Beverages South Africa in the years to come.”

Distributed by APO Group on behalf of Coca-Cola.

About The Coca-Cola Company:
The Coca-Cola Company (NYSE: KO) is a total beverage company with products sold in more than 200 countries and territories. Our company’s purpose is to refresh the world and make a difference. We sell multiple billion-dollar brands across several beverage categories worldwide. Our portfolio of sparkling soft drink brands includes Coca-Cola, Sprite and Fanta. Our water, sports, coffee and tea brands include Dasani, smartwater, vitaminwater, Topo Chico, BODYARMOR, Powerade, Costa, Georgia, Fuze Tea, Gold Peak and Ayataka. Our juice, value-added dairy and plant-based beverage brands include Minute Maid, Simply, innocent, Del Valle, fairlife and AdeS. We’re constantly transforming our portfolio, from reducing sugar in our drinks to bringing innovative new products to market. We seek to positively impact people’s lives, communities and the planet through water replenishment, packaging recycling, sustainable sourcing practices and carbon emissions reductions across our value chain. Together with our bottling partners, we employ more than 700,000 people, helping bring economic opportunity to local communities worldwide. Learn more at www.Coca-ColaCompany.com and follow us on Instagram (http://apo-opa.co/4v4a5yF), Facebook (http://apo-opa.co/4uWErmB) and LinkedIn (http://apo-opa.co/3NOELmT).