2023 World Bank Meetings: The Commission of West African Economic and Monetary Union (WAEMU) and Africa50 sign agreement to boost regional infrastructure development
Marrakech, 10 October 2023 – Africa50, the pan-African infrastructure investment platform, and the Commission of West African Economic and Monetary Union (WAEMU) signed an agreement aimed at advancing regional development and financing of bankable projects within the WAEMU region.
The agreement was signed on the sidelines of the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund in Marrakech, Morocco. It identifies three target sectors for collaboration: Transport - with specific focus on Joint-Border Posts, Energy, and Information & Communications Technologies (ICT).
Under the agreement, Africa50 will identify and develop a robust pipeline of projects to be considered for financing. The organization will leverage its extensive expertise in project development to expedite the delivery of these projects and bolster sustainable economic growth across the continent.
Through this collaboration, the two entities will work together to attract additional capital into regional infrastructure projects within the WAEMU region.
"Today's collaboration between Africa50 and WAEMU is a significant milestone," remarked Alain Ebobisse, CEO of Africa50. "It symbolizes our dedication to catalyzing transformative projects in West Africa and accelerating regional integration through strategic investments in critical sectors such as transport, energy, and ICT. In line with our strong commitment to contribute to the success of the African Continental Free Trade Area (AfCFTA), this partnership aims to scale-up and speed-up the implementation of critical regional projects as part of Africa50’s Joint Border Posts Programme."
Abdoulaye Diop, President of the Commission for WAEMU, stated, "This partnership exemplifies our shared commitment to fostering regional development through strategic collaboration. Working together with Africa50, we aim to identify and support bankable projects that will positively impact our citizens and further bolster the economic landscape of WAEMU region."
WAEMU, an economic and monetary union consisting of eight West African countries, namely Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal, Togo and Guinea Bissau, is dedicated to enhancing economic integration and financial cooperation among its member states. This partnership aligns with WAEMU's objectives of promoting economic stability and prosperity in the region through strategic initiatives and partnerships.
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About Africa50
Africa50 is an infrastructure investment platform that contributes to Africa's growth by developing and investing in bankable projects, catalyzing public sector capital, and mobilizing private sector funding, with differentiated financial returns and impact. Africa50 currently has 34 shareholders, comprised of 31 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib. For more information, visit: www.africa50.com.
Media Contact:
Africa50: Nana Boakye-Yiadom, Senior Communications Coordinator, Tel: +212666166308, n.boakyeyiadom@africa50.com
WAEMU: ammbodj@uemoa.int, Tel: +226 73 62 33 61
Category: Press Release