The OPEC Fund & West African Development Bank Boost Cooperation In Western Africa

Posted on October 24, 2020

The OPEC Fund for International Development (the OPEC Fund) and the West African Development Bank (BOAD) have signed a Framework Agreement to further strengthen their development cooperation in the member countries of the Western African Economic and Monetary Union (WAEMU): Benin, Burkina Faso, Côte-d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.

The agreement focuses on increased engagement and knowledge-sharing between the two institutions and ensures enhanced cooperation in co-financing public and private sector projects, as well as supporting international trade and regional integration. It also enables the OPEC Fund and BOAD to join forces to directly mitigate the negative impact of COVID-19 on economic activity in the West African countries.

Signing the agreement on behalf of the OPEC Fund, Director-General Dr. Abdulhamid Alkhalifa said: “We are pleased to grow our partnership with BOAD to work together toward our common cause. West African countries have significant potential to increase trade flows and strengthen competitiveness which will drive growth, reduce poverty, and create new jobs in the region. The OPEC Fund’s global expertise, combined with BOAD’s strong regional presence, positions our two institutions well to help the region to weather the impacts of the pandemic and improve its competitiveness within the global economy.”

President Serge Ekué of BOAD commended “the commitment and growing partnership between Africa and the OPEC Fund, which translated into support to BOAD for several decades now, thereby contributing to growth and sustainable development in the WAEMU member countries.” He added that the implementation of this framework agreement will help support the objectives of BOAD’s new strategic plan for 2021-2025, with the “aim of increasing the impact of its operations in terms of development outcomes by funding productive investments and creating jobs for youth and women, while focusing on micro-, small- and medium-sized enterprises (MSMEs), transport infrastructure and digitalization, agriculture and food security, energy, real estate, health and education.”

The OPEC Fund and BOAD have been collaborating since 1983 and have jointly financed 25 public, private and trade finance projects. The OPEC Fund has also provided three direct loans to BOAD in support of private sector and trade finance projects in WAEMU.

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

A feast of explosive boxing action awaits fans across Africa, as GOtv Boxing Night... Continue
CYRIACUS IZUEKWE Facts have emerged on how suspected kidnappers killed a first class traditional... Continue
On Friday last week, Mallam Mele Kolo Kyari, Group Managing Director of Nigeria National... Continue
Three Nigerians suspected of being part of a cybercrime group that has made tens... Continue
The Cross River Internal Revenue Service (CRIRS) has won a case brought against it... Continue
The Board of Directors of SunTrust Bank Nigeria Limited, at its meeting held on... Continue
The Ibori Golf and Country Club (IGCC), 2020 Captain Inaugural Golf Tournament held at... Continue
Rivers State Governor, Nyesom Ezenwo Wike, has urged President Muhammadu Buhari, to heed the... Continue
A lot of people have been making inquiries regarding funding opportunities so as to... Continue
CYRIACUS IZUEKWE Robbers may have focused their attention on Police formations after the #EndSARS... Continue

GTBank

Twitter