The OPEC Fund and BOAD boost cooperation in Western Africa

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.

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 the 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.

Original source: BOAD