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The West African Development Bank (BOAD) receives financial assistance of USD 20 million from the Arab Bank for Economic Development in Africa (BADEA)

The West African Development Bank (BOAD) receives financial assistance of USD 20 million from the Arab Bank for Economic Development in Africa (BADEA)

LOME, Togo, May 8, 2015/African Press Organization (APO)/ Messrs. Christian ADOVELANDE, President of the West African Development Bank (BOAD), and Abdelaziz KHELEF, Director General of the Arab Bank for Economic Development in Africa (BADEA), have signed an agreement under which BADEA has provided to BOAD a credit facility of USD 20 million, or around FCFA 12 billion.

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(Christian ADOVELANDE, President of the West African Development Bank (BOAD)

These resources will enable BOAD to finance imports of goods from Arab countries by WAEMU member States. “This financial assistance will help strengthen BOAD’s short-term financing interventions and enhance the competitiveness of businesses from WAEMU countries, ” explained Mr Christian ADOVELANDE.

In addition, the President of BOAD welcomed the outstanding cooperation between the two institutions, covering technical support as well as financial cooperation. As part of the technical cooperation, BADEA has provided BOAD with an IT expert to support it in the implementation of its IT Master Plan. With respect to the financial cooperation, in November 2013 BOAD received a first loan from BADEA in the amount of USD 10 million. This loan, which has been fully expended, was used to refinance four private-sector projects.

Mr Abdelaziz KHELEF feels that “this operation is a vivid demonstration of the importance BADEA attaches to the promotion of commercial exchanges between the Arab and African regions.”

A third loan from BADEA in the amount of USD 15 million, intended for the funding of SMEs within the WAEMU space, is under negotiation.

Distributed by APO (African Press Organization) on behalf of the West African Development Bank (BOAD).

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