AfDB in EUR 64m Financial Support for West African Development Bank

26 March 2012
Content from a Premium Partner
African Development Bank (Abidjan)
press release

The African Development Bank (AfDB) and the West African Development Bank (WADB) signed a loan agreement of a capital subscription of EUR 3.05 million and a line of credit of EUR 64 million to the West African Development Bank (WADB).

The objective of this facility is to strengthen WADB's financial capacities and to assert its role as a strategic partner of AfDB in financing the private sector, the engine of growth in West Africa.

The AfDB is a historic partner of WADB, as it has participated to its capital increase since 1987. This new facility succeeds the one granted in January 2008 which included a €40 million line of credit with a ten-year maturity, an equity investment of just over €3 million. and institutional support of USD 953,000.

In his statement during the ceremony, Tim Turner, Director of AfDB's Private Sector Operations, highlighted the importance of AfDB's financial assistance to WADB and stated that "granting this facility is motivated by the rapid development of WADB activities, which requires mobilizing additional resources to address growing investment demand from private economic players in its area of intervention."

Christian Adovelande, president of the WADB, thanked the AfDB for this financial assistance and added that "this loan reinforces the exemplary cooperation between the two institutions in the technical, operational and financial sectors."

The line of credit will endow WADB with the medium and long-term resources needed to finance its development strategy for private sector investment whose main targets are:

(i) sectors with high job-creation potential (mining, agriculture, industry, services) especially in rural areas.

(ii) an increase in adding value to regional production and (iii) export development.

The project is in line with:

(i) the AfDB's poverty reduction strategy which promotes regional economic integration,

(ii) the AfDB's assistance strategy for sub-regional development finance institutions, and

(iii) the desire to forge partnerships with development finance institutions having strategic priorities similar to those of the African Development Bank.

Contacts

Onike Nicol-Houra

Read the original article on African Development Bank (AfDB).

Tagged:
Copyright © 2012 African Development Bank. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.