AfDB, Lome-based BOAD ink €70m deal to support the private sector in 8 West African countries

The African Development Bank (AfDB) announced Tuesday December 12 an agreement with the Lome-based West African Development Bank (BOAD), a line of credit agreement of €70 million to bolster the regional bank’s support to the private sector in the West African Economic and Monetary Union (WAEMU).
The agreement, AfDB notes, was signed in Lomé on 8 December and will also benefit from joint funding from an Italian public organization, Cassa Depositi e Prestiti, which is providing €60 million, and the Development Finance Institute Canada (FINDEV), which is contributing €20 million.
Wilfrid Abiola, the Bank’s representative in Togo, and Moustapha Ben-Barka, Vice-President of BOAD in charge of Financing and Investment, signed the agreement on behalf of their respective institutions, Abidjan-based lender also notes.
AfDB also argues it 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),” it added in the statement.
The line credit, to reach maturity after 10 years, 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”, AfBD also stresses.