OPEC Fund, BOAD boost cooperation in West Africa

The Organisation of the Petroleum Exporting Countries Fund for International Development and the West African Development Bank have signed a ‘Framework Agreement’ to further strengthen their development cooperation in the member countries of the Western African Economic and Monetary Union (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.

Signing the agreement on behalf of the OPEC Fund, Director General Dr. Abdulhamid Alkhalifa, said, “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.

“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.”

Speakin on the partnership, BOAD President, Serge Ekué, stated, “The commitment and growing partnership between Africa and the OPEC Fund, which translated into support to BOAD for several decades now, thereby contributing to the growth and sustainable development in the WAEMU member countries.”

He added that the implementation of the framework agreement would 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, transport infrastructure and digitalisation, agriculture and food security, energy, real estate, health and education.”

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