West African Development Bank gets USD 20m BADEA boost

West African Development Bank (BOAD), Thursday, received a major financial assistance from the Arab Bank for Economic Development in Africa (BADEA), as the Asian finance house presented the sum of USD 20 million to the West African bank at a ceremony in Lome, Togo.

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), formally signed an agreement under which BADEA will provide to BOAD a credit facility to the tune of USD 20 million.

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.

Khelef remarked 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.