The successful €750 million ($890 million) 12-year inaugural sustainable bond issued by Banque Ouest Africaine de Développement (BOAD) represented  BOAD's inaugural EUR trade as well as the first sustainable bond from an African issuer.

This was a landmark transaction, not only for the West African development bank, but for the Sub-Saharan African region as a whole, and a testament to the West African Economic and Monetary Union (WAEMU) region's continuing status as a rapidly developing region, as well as BOAD's key role in fostering this growth.

Of BOAD's win, an Environmental Finance Bond Awards judge said: "Marvellous to see this first sustainable bond from an African issuer, and great to see them doing the good work to help out across a broad region."

Furthermore, BOAD has taken the initiative of engaging in a formalised corporate social responsibility (CSR) approach since 2018, with the ambition of creating sustainable value for the entire sub-region and has set up a CSR Policy. In its new Strategic Plan for 2021-2025 BOAD intends to become "the reference bank for a lasting impact on the integration and transformation of West Africa."

The sustainable bond issuance attracted more than 260 investors across the world, including 40% from the UK. The issue is part of a Sustainability Bond Framework, calling on BOAD to finance projects with a high social and environmental impact. The proceeds will reinforce BOAD's capacity to invest in priority sectors such as agriculture and food security, renewable energy, basic infrastructure, health, education and social housing.