Global law firm Clifford Chance has advised Banque Ouest Africaine de Développement (BOAD) on its €1 billion Rule 144A/Reg S 6.250% Notes due 2040

This successful note issuance comes after BOAD’s hybrid sustainable bond offering in February 2025, for which Clifford Chance also advised BOAD. The net proceeds of this offering will be used to fund priority projects within the West African Economic and Monetary Union (WAEMU), in line with the objectives of the Djoliba Strategic Plan and the Bank’s development financing mission.

The cross-border team was led by Mustapha Mourahib on debt capital markets matters, with support from Olivier Plessis on US capital markets matters. The core team also included Hamza Morsad in Casablanca, as well as Johannes Juette and Natasha Sarna in London. US tax advice was provided in New York by Avrohom Gelber and Gil Shauly. US ERISA advice was provided by Paul Koppel in New York and Thomas Koh in Singapore.

BOAD is the common development finance institution of Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo (the “WAEMU Member States”). It is an international organisation created by treaty and has its headquarters in Lomé, Togo, with resident missions, which are permanent representative offices, in each of the WAEMU Member States. BOAD’s mission is to foster the balanced development of the WAEMU Member States and contribute to the economic integration of West Africa, in particular by financing a variety of projects in the WAEMU Member States.