OPEC Fund partners with BOAD to strengthen development cooperation in West Africa

WEST AFRICA – The OPEC Fund for International Development (OFID) have signed a Framework Agreement with the West African Development Bank (BOAD) 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.

“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,” Serge Ekué, President of BOAD said.

“The implementation of this framework agreement will help support the objectives of BOAD’s new strategic plan for 2021-2025.”

Serge Ekué – President, BOAD

“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.

“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,” Abdulhamid Alkhalifa, Director-General, the OPEC Fund said.

“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.”

OFID was established in January 1976 by the then 13 member countries of OPEC; including the United Arab Emirates. It is the development finance institution established as a channel of aid to developing countries.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.