The West African Development Bank (BOAD) has received a US$20mn credit facility from the Arab Bank for Economic Development in Africa (BADEA) to finance imports of goods from Arab countries by West African Economic and Monetary Union (WAEMU) member States.
According to BOAD president Christian Adovelande, the financing will “help strengthen BOAD’s short-term financing interventions and enhance the competitiveness of businesses from WAEMU countries”.
The BOAD first received a loan from BADEA in November 2013. The US$10mn financing, which was fully utilised, was used to refinance four private-sector projects.
A third loan from BADEA, worth US$15mn and intended for the funding of SMEs within the WAEMU, is under negotiation.
BADEA is also providing the development bank with technical support.