BOAD and IKED Sign Memorandum of Understanding to Launch Innovative "Impact Card" SPV for supporting impact investment in Sustainable Development Projects
COP29, Baku November 15th – The West African Development Bank (BOAD) and The International Organisation for Knowledge Economy and Enterprise Development (IKED) and have today signed a Memorandum of Understanding (MoU) aimed at launching a new Special Purpose Vehicle (SPV), tentatively labelled the "Impact Card." The partnership marks a major step toward enhancing the flow of impact funding to high- quality, sustainable development projects, particularly in West Africa.
The agreement was signed by Ms. Ingrid Andersson, Director and Partner of IKED, and Mr. Moubarak Moukaila, Director of the Financing for Sustainable Development Department at BOAD, at a ceremony at the COP29 in Baku, Azerbaijan. This MoU formalizes the collaboration between the two organizations to support the development of a platform that will directly channel impact investment to deserving projects, while providing verified feedback on the outcomes and impacts achieved.
A Shared Vision for Sustainable Development
The MoU underscores the shared commitment of IKED and BOAD to advancing sustainable development through innovative financial mechanisms. IKED, a Swedish non-profit with extensive experience in sustainability finance, has long championed international collaboration for creating solutions that drive positive environmental, social, and economic outcomes. BOAD, as an international public institution, plays a critical role in financing development initiatives across the West African Economic and Monetary Union (WAEMU) states, with a strong focus on capacity building and long-term impact.
The "Impact Card" SPV will serve as a platform that enables individuals and institutions to directly fund carefully vetted projects aligned with the United Nations Sustainable Development Goals (SDGs). The projects will focus on areas such as ecosystem restoration, education, health, poverty reduction, and the water-food-energy nexus.
Bridging the Gap between Impact Investors and High-Quality Projects
The initiative aims to bridge the significant gap between the growing interest of global populations in supporting sustainable development and the limited responsiveness of financial intermediaries to create such targeted funding vehicles. The SPV will empower investors to make informed decisions about where to allocate their funds, ensuring that their investments directly contribute to meaningful, measurable change on the ground.
A key feature of the platform will be its ability to provide transparent, verified feedback on the impact of funded projects, enabling investors to track and measure the outcomes of their contributions. This real-time feedback loop will enhance trust and accountability in impact investing, ensuring that funds are used effectively to achieve sustainable development outcomes.
Focusing on West Africa, with Plans for Expansion
The initial implementation of the "Impact Card" SPV will focus on West Africa, with plans to expand the platform to other developing regions in the future. By targeting regions with pressing development challenges, the initiative aims to drive positive change across key sectors such as healthcare, education, environmental conservation, and economic empowerment.
"The partnership with BOAD is a major milestone in our eYorts to create innovative financial solutions for sustainable development," said Ms. Ingrid Andersson, Director of IKED. "Through the 'Impact Card,' we can connect global impact investors directly to high-quality projects that can deliver tangible benefits to communities in need. We are excited about the potential of this initiative to not only support the achievement of the SDGs but also to set a new standard for impact investing."
Next Steps
Following the signing of the MoU, the next phase will involve the joint development of the "Impact Card" platform, including the selection of initial projects, the establishment of verification mechanisms, and the design of capacity-building programs to support long- term sustainability. The partners are committed to ensuring that the SPV is operational within the next year and that it delivers measurable impacts across a range of sectors. “The collaboration with IKED on the Impact Card platform will create substantial synergies with our existing activities in the West-African communities and the project will support genuine value-generation in sectors such as health, education and environment” Moubarak Moukaila, Director of Finance at BOAD stated. “At BOAD we are very keen on working with IKED in realizing validated impact investment to our targeted SDG Projects, with a focus in establishing a model of capacity building including sound validation of key indicators”.
About IKED
The International Organisation for Knowledge Economy and Enterprise Development (IKED) is a non-profit organization based in Malmö, Sweden. IKED is dedicated to advancing sustainable development and knowledge-based economies through innovative financial and collaborative solutions. The organization focuses on sustainability finance, international partnerships, and capacity building to foster economic growth and environmental protection.
About BOAD
The West African Development Bank (BOAD) is an international public financial institution established by the 1973 Agreement to promote development within the West African Economic and Monetary Union (WAEMU) region. BOAD provides financing for development projects and fosters regional integration by supporting the socio- economic advancement of its member states. Its work spans key areas such as infrastructure, education, health, and environmental sustainability.
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Leo Foldvari
IKED Media Relations Email: leo.foldvari@iked.org