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The Arab Bank for Economic Development in Africa (BADEA) has agreed to provide financial assistance to the West African Development Bank (BOAD) to the tune of US$20mn
The agreement, signed by BOAD president Christian Adovelande and BADEA director general Abdelaziz Khelef, will enable BOAD to finance imports of goods from Arab nations by the West African Economic and Monetary Union (WAEMU) member states.
“This financial assistance will help strengthen BOAD’s short-term financing interventions and enhance the competitiveness of businesses from WAEMU countries,” said Adovelande.
According to Abdelaziz Khelef, the operation is a vivid demonstration of the importance BADEA attaches to the promotion of commercial exchanges between the Arab and African regions.
BOAD received its first loan from BADEA for US$10mn in November 2013. The loan, which has been fully expended, was used to re-finance four private sector projects.
A third loan from BADEA for US$15mn, intended for the funding of SMEs within the WAEMU space, is under negotiation, confirmed BOAD officials.
Aside from agreements to enhance financial cooperation, the BOAD president also welcomed the cooperation between the two institutions that cover technical support. As part of the technical cooperation agreement, BADEA has provided BOAD with an IT expert to support the implementation of an IT Master Plan.