The OPEC Fund for International Development (OPEC Fund) ( www.OPECFund.org ) and the West African Development Bank (BOAD) have signed a framework agreement to further strengthen their development cooperation in the member countries of the the West African Economic and Monetary Union (UEMOA), namely: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.

The agreement focuses on enhanced engagement and knowledge sharing between the two institutions and ensures enhanced cooperation in the joint financing of public and private sector projects, as well as support for international trade and integration. regional. It is also an opportunity for the OPEC Fund and BOAD to unite their efforts in the direct mitigation of the negative repercussions of COVID-19 on economic activity in West African countries.

Signing the agreement on behalf of the OPEC Fund, its Managing Director, Dr. Abdulhamid Alkhalifa, said: “We are delighted to develop our partnership and to collaborate with BOAD in favor of our common cause. West African countries show significant potential to increase trade flows and enhance competitiveness, which will boost growth, reduce poverty and create new jobs in the region. The global expertise of the OPEC Fund, combined with the strong regional presence of BOAD , will help the region withstand the repercussions of the pandemic and improve its competitiveness within the global economy”.

Serge Ekué, Chairman of BOAD hailed “the growing commitment and partnership between Africa and the OPEC Fund, which has resulted in support for BOAD for several decades now, thus contributing to growth and sustainable development in WAEMU Member States”. He added that the implementation of this framework agreement will help support the objectives of BOAD 's new strategic plan for the period 2021-2025, with the aim of "increasing the effects of its interventions in terms of development results. by financing productive investments and creating jobs for young people and women, while paying particular attention to micro, small and medium-sized enterprises (MSMEs), transport infrastructure and digitalisation, 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 commercial financing projects. The OPEC Fund also provided three direct loans to BOAD to support private sector and trade finance projects within WAEMU.

Distributed by APO Group for OFID.

About the West African Development Bank: The West African Development Bank (BOAD) ( www.BOAD.org ) is the common development finance institution of the member countries of the West African Economic and Monetary Union . It is an international public institution whose objective is to promote the balanced development of its member countries and to foster economic integration in West Africa by financing priority development projects. It is accredited to all three climate change financing mechanisms (the Global Environment Facility , the Adaptation Fund and the Green Climate Fund). Since 2009, BOAD sits as an observer at the UNFCCC and actively participates in discussions on the architecture of an international system for financing the fight against climate change. Since January 2013, it has included the first Regional Collaborating Center (RCC) on the Clean Development Mechanism (CDM), the objective of which is to provide direct support to public authorities, NGOs and the private sector in the identification and the development of CDM projects. The Bank is also committed to achieving carbon neutrality by 2023 and is an active member of the International Development Finance Club which brings together 24 national, regional and bilateral development banks.

About the OPEC Fund: The OPEC Fund for International Development (OPEC Fund) ( www.OPECFund.org ) works cooperatively with partners in developing countries and the international development community to drive economic growth and progress in low- and middle-income countries around the world. The organization was created by OPEC member countries in 1976 with a distinct mandate: to drive development, strengthen communities and empower people. The OPEC Fund's mission is people-driven and focuses on financing projects that meet basic needs, such as food, energy, infrastructure, jobs (especially for MSMEs), clean water and sanitation, health care and education. Our vision is of a world where sustainable development is a reality for all.