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West African Development Bank (BOAD): strong growth in financial indicators, XOF501 billion of funding granted and launching of the new strategic plan “Djoliba… The next step”

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African Development Bank

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”

DAKAR, Senegal, March 31, 2026/APO Group/ –Following the 150th 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 53rd meeting of BOAD Audit Committee
  • Implementation of the 2021–2025 strategic plan DJOLIBA: review at the end of the 5th 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).

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Novum Studio Secures New Funding to Launch Ahoy Project, an AI-Native Enterprise Transformation Platform, Building on Its 20-Million-User Gen Z App Frog

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7 hours ago

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July 24, 2026

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Novum Studio
  • Novum Studio has raised a new round of funding to launch Ahoy Project, its enterprise AI solution, with internal testing scheduled for July 2026.
  • Ahoy Project is positioned as the infrastructure for AI-native enterprise transformation – an AI-native communication platform serving as the underlying system, delivered as an end-to-end tailored solution.
  • The launch expands the company beyond Frog, its Gen Z consumer social app that has reached 20 million users across the U.S. and Europe.
  • Novum Studio said it is applying lessons from operating high-frequency social platforms at scale to workplace communication and knowledge systems.

NEW YORK, USA – Media OutReach Newswire – 24 July 2026 – Novum Studio, the company behind Frog – a Gen Z social app often described as a “new-generation Snapchat” – said it has raised a new round of funding and will use the proceeds to launch Ahoy Project, an AI-native enterprise communication and collaboration platform, with internal testing scheduled for July 2026.

The Novum Studio team at London Tech Week 2025.

Unlike conventional workplace software, Ahoy Project will not be sold as a standalone software subscription, the company said. Novum Studio provides the infrastructure and a full tailored solution for enterprises undergoing AI-native transformation, with the communication platform serving as the underlying system on which that transformation is built.

Founded as a consumer social company, Novum Studio has reached more than 20 million users across the U.S. and Europe. Frog gained traction among younger users through spontaneous, real-time sharing designed around authenticity and low-pressure interaction. The company said its experience building large-scale social “spaces” – where millions of people communicate, form groups and coordinate in real time — directly informs its approach to enterprise collaboration.

The new funding will support the launch and international expansion of the enterprise business as artificial intelligence reshapes how organizations communicate, collaborate and operate, the company said.

Novum Studio was founded by Anna Danyi, who graduated from the London School of Economics and Political Science (LSE) in 2018 and began her career in consulting and technology. Before founding Novum Studio, she built multiple consumer applications and exited through an acquisition. In 2025, Forbes China recognized her among the Top 100 most influential global Chinese figures in AI digital products area.

“We spent years understanding how millions of users communicate online,” Anna Danyi said. “In the AI era, communication itself is becoming intelligent. We believe the next generation of platforms will not only connect people — they will understand workflows, collaboration and organizational behavior.”

From Consumer Social to Enterprise AI

Modern organizations face growing challenges as critical knowledge, decisions and workflows become fragmented across chats, meetings and disconnected tools, the company said. Ahoy Project addresses this as a conversation-driven, AI-native collaboration layer: it captures context from day-to-day communication to build a searchable enterprise knowledge base and support workflow coordination.

Core capabilities include conversation-based knowledge organization, AI-assisted collaboration and workflow support integrated directly into team communication. Because the platform sits at the layer where work is discussed and decided, it can serve as the foundation for a broader AI-native operating model – with Novum Studio designing and delivering the surrounding transformation solution for each enterprise client.

Ahoy (Popeye AI) turns everyday team conversations into a searchable enterprise knowledge base.

A New Direction for Social Technology

Novum Studio said its expansion reflects a broader shift across the technology industry. Platforms such as TikTok and Instagram defined how content was distributed and consumed in the mobile social era; as AI becomes embedded in digital products, the company believes the next stage will center less on feeds and more on intelligent systems that understand communication and coordination.

“We are no longer just building products where people post content,” Anna Danyi said. “We are building systems that understand how humans communicate and operate together.”
 

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Energy

Venezuela Energy Week to Host Houston Industry Showcase, Unlocking United States (U.S.) Commercial Engagement Ahead of October Summit

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10 hours ago

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July 24, 2026

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African Energy Chamber

Ahead of Venezuela Energy Week 2026, U.S. exploration companies, independent operators, oilfield service providers and investors are invited to explore commercial opportunities across Venezuela’s upstream sector at the Houston Industry Showcase next month

HOUSTON, United States of America, July 23, 2026/APO Group/ –Venezuela Energy Week will host an Industry Showcase in Houston on August 18, 2026: a targeted industry roadshow designed to engage U.S. energy stakeholders ahead of the October summit. Held at The Post Oak Hotel, the showcase will convene senior representatives from across the U.S. upstream ecosystem – including exploration and production companies, Texas-based independents, oilfield service companies, engineering and technology firms, commercial banks, private equity firms and family offices – to assess commercial pathways for participation in Venezuela’s energy sector.

 

As Venezuela looks to expand production, U.S. companies remain well positioned to contribute technical expertise, capital and operational capabilities across the upstream value chain. Chevron’s longstanding presence in the country highlights the continued importance of U.S. industry participation, while the scale of Venezuela’s resource base continues to attract interest from major international energy companies, including ExxonMobil and ConocoPhillips. Opportunities extend across exploration, field development, production optimization, infrastructure rehabilitation and digital modernization as Venezuela seeks to strengthen its energy sector.

 

Demand is also expected to grow for oilfield service companies, engineering firms, technology providers and financial institutions that can support upstream investment and project execution. Companies including SLB, Halliburton and Baker Hughes have been identified as potential partners in advancing production optimization and infrastructure rehabilitation, while commercial banks, private equity firms and family offices will play an important role in financing future investment opportunities.

 

Against this backdrop, the Houston Industry Showcase will provide a structured engagement platform at a time when select international operators continue to operate under U.S. Treasury-authorized frameworks, and where policy considerations in the U.S. continue to shape engagement parameters in Venezuela’s energy sector.

 

The event will enable U.S. exploration companies, independent operators, oilfield service providers and investors to assess technical and commercial pathways across exploration, field services, project delivery and broader supply chain opportunities, while supporting early-stage dialogue between international investors and Venezuela-focused stakeholders in a structured commercial environment ahead of the October summit.

 

To register for the Houston Industry Showcase on August 18, visit www.venezuelaenergyweek.com/rsvp-houston. To learn more about delegate, sponsorship and partnership opportunities for the showcase or to secure your place at Venezuela Energy Week 2026 in Caracas this October, contact info@venezuelaenergyweek.com.

 

Supporting Venezuela’s Earthquake Recovery

 

Our thoughts are with the people and communities affected by the recent earthquakes in Venezuela. As the country begins the long process of recovery, we encourage members of the global energy community to support relief and reconstruction efforts through the CAF Recovery and Reconstruction Fund for Venezuela, which channels contributions from individuals, companies and organizations to emergency assistance, essential services and long-term rebuilding efforts.

 

To learn more or make a contribution, please visit the CAF Recovery and Reconstruction Fund for Venezuela (https://apo-opa.co/4fM0rLr).

 

Distributed by APO Group on behalf of Energy Capital & Power.

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Business

Africa Trade Gateway Delivers US$5.3-Million Cross-Border Transaction in First Energy Sector Trade in Southern Africa

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10 hours ago

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July 24, 2026

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Afreximbank

The transaction represents an important milestone for both the participating institu-tions and the ATG ecosystem as it marked Innbucks Microbank’s first completed transaction through the platform and the ATG’s first recorded energy-sector transac-tion in Southern Africa

HARARE, Zimbabwe, July 23, 2026/APO Group/ –A US$5.3-million cross-border fuel (gasoil) trade transaction has been successfully completed with support of the Africa Trade Gateway (ATG), African Export-Import Bank’s (Afreximbank’s) (www.Afreximbank.com) flagship digital trade ecosystem, demonstrating the value and efficacy of the Gateway in powering African trade.

The transaction, which saw Zimbabwean fuel importer Witeva Trading source a gasoil shipment from a leading commodity trader and supplier in Switzerland, with Innbucks Microbank Ltd. participating as the local issuing financial institution and Afreximbank providing confirmation support under agreed trade finance structure, demonstrates how African businesses can leverage one connected ecosystem to identify opportunities, access finance and complete international trade more efficiently.

The ATG made it possible for the commercial opportunity to be connected to the right ecosystem participants, bringing together the buyer, supplier and participating financial institutions to support a successful execution of the transaction.

The transaction represents an important milestone for both the participating institutions and the ATG ecosystem as it marked Innbucks Microbank’s first completed transaction through the platform and the ATG’s first recorded energy-sector transaction in Southern Africa.

This transaction demonstrates the value of bringing African businesses and financial institutions together through one connected trade ecosystem

It also demonstrates how African Businesses can use a single digital ecosystem to identify commercial opportunities, connect with verified counterparties, access trade-finance support and execute cross-border transactions more efficiently.

Peter Olowononi, Director, Regional Operations, Southern Africa, at Afreximbank, said:

“This transaction demonstrates the value of bringing African businesses and financial institutions together through one connected trade ecosystem. By creating a digital ecosystem to expand access to trade finance, Afreximbank is enabling more businesses to participate easily in regional and international trade.”

Emeka Onyia, Director, Digital Business, at Afreximbank, added:

“The Africa Trade Gateway is more than a mere digital platform; it is the ecosystem that helps trade happen. We help businesses discover opportunities, connect with trusted buyers, suppliers and financial institutions, and facilitate the journey from commercial opportunity to completed transactions. Every successful deal strengthens the network, attracts new participants and creates more opportunities for African trade.”

“As more businesses, banks and trade partners join the ecosystem, every successful transaction expands the marketplace, strengthens trust across the network and increases opportunities for future trade,” Mr. Onyia added.

Distributed by APO Group on behalf of Afreximbank.

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