On February 9, the African Development Bank approved a grant of 750,000 dollars, or about 430.12 million CFA francs, for the benefit of the regional financial market of the West African Monetary Union (UMOA). The objective pursued is to carry out reforms which will deepen the market and make it more competitive and attractive for investors.

The grant is part of the second phase of the AfDB's regional financial market development support project, implemented by the Regional Council for Public Savings and Financial Markets (CREPMEF). According to the communiqué issued by the AfDB, the project should define an operational framework for the establishment of reference rates in close compliance with international best practices as defined by the International Organization of Securities Commissions. The sum of 430.12 million Fcfa will come from the Trust Fund for the Development of Capital Markets, a multi-donor fund administered by the AfDB and financed by the Luxembourg Ministry of Finance and the Dutch Ministry of Foreign Trade and Cooperation.