Benin’s Caisse des dépôts et consignations (CDC Benin) and Shelter Afrique Development Bank have been selected to prepare thematic bond issues on the West African Economic and Monetary Union (WAEMU) capital market. The selection, announced on Friday, 6 November 2026 by the Global Green Growth Institute (GGGI), was presented the previous day in Abidjan under the Bond Accelerator Program (BAP-WAEMU), run in partnership with the regional stock exchange, BRVM.
Financially supported by Luxembourg, the programme will help both institutions structure securities designed to draw private capital into social and environmental projects. Assistance spans financial preparation, the definition of measurable impact objectives, investor disclosure requirements and arrangements for monitoring how the proceeds are used.
CDC Benin considers a social bond
CDC Benin is examining a social bond linked to the World Bank-supported Women Entrepreneurship Development and Access to Finance (WEDAF) programme. The proposed financing would aim to expand access to credit for women-led small and medium-sized enterprises and help them grow. A bond would offer a way to tap regional investors to support that activity.
WEDAF already has a financing framework set out by Benin’s ministry responsible for SMEs on 26 November 2025. A project component envisaged local-currency sustainability-linked bonds with a five-year term and a maximum amount equivalent to $30 million, backed by a partial International Development Association cash guarantee capped at $10 million. GGGI’s latest announcement concerns preparations for a social bond, whose terms will be developed during the structuring process.
Shelter Afrique targets housing and urban infrastructure
Shelter Afrique Development Bank, meanwhile, is preparing a bond intended to finance affordable housing, sustainable buildings and resilient urban infrastructure across the region. The two operations give the BAP-WAEMU programme different financing objectives, from Beninese women entrepreneurs to housing and urban facilities.
GGGI said applicants were assessed on their financial strength, governance, environmental, social and governance frameworks, and readiness to meet international standards for thematic bonds. The support includes preparation for investor engagement and may also explore opportunities for a listing on the Luxembourg Stock Exchange, subject to the necessary approvals.