The African Development Bank (AfDB)
Group and the West African Development Bank (BOAD) have signed an agreement on
granting a EUR 70 million line of credit to strengthen BOAD’s support to the
private sector in the West African Economic and Monetary Union (WAEMU), which
comprises eight countries in the West African franc zone.
The agreement was signed in Lomé
on December 8, 2023, after it was approved by the Bank Group’s Board of
Directors in December 2021 with a 10-year maturity. The project will also
benefit from joint funding from an Italian public organization, Cassa Depositi
e Prestiti, which is providing EUR 60 million, and the Development Finance
Institute Canada (FINDEV), which is contributing EUR 20 million.
AfDB’s representative in Togo, Wilfrid
Abiola and Vice-President of BOAD in charge of Financing and Investment, Moustapha
Ben-Barka, signed the agreement on behalf of their respective institutions.
AfDB will support BOAD in its
strategy of providing its member states with the medium- and long-term
resources they need for their development. The line of credit will also
strengthen the resilience of the private sector, which is the main driver for
economic growth and development in the WAEMU zone. It will support businesses,
especially in sectors that create jobs, such as agro-industry, renewable
energy, health and information, telecommunications and promoting women.
Implementing the project should enable the creation and/or consolidation of at
least 5,900 jobs (including 2,000 for women).
Thanks to its active support for
small and medium-sized enterprises (SMEs) and the priority placed on promoting
female entrepreneurship, BOAD is pursuing the objectives of its “Djoliba”
strategic plan, which aim to create added value and productive jobs.
The line of credit granted to
BOAD is aligned with three of the African Development Bank’s “High 5”
operational priorities, namely, “Feed Africa”, “Industrialize Africa” and
“Improve the Quality of Life for the People of Africa”.
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