The OPEC Fund for International Development (OFID) has signed a $54 million (€50 million) loan with the West African Development Bank (BOAD) to support small and medium-sized enterprises (SMEs) through other financial institutions and for green energy projects.
According to the statement, “Sub-loans under the agreement will be available in the member countries of the West African Monetary Union (WAMU): Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.”
“We are pleased to further expand our cooperation with BOAD in line with two strategic priorities of our institutions: providing access to finance for local businesses and promoting green energy solutions to support cheaper, cleaner, and reliable sources of electricity generation. We are committed to contributing to growth and sustainable development in the WAMU member countries.”
Mr. Serge Ekue, President of BOAD and Chairman of its Board of Directors, said that, “I am pleased to sign this new loan agreement with the OPEC Fund. It is one of our key partners which stands by our side for more than four decades, helping us to carry on with our mission as provided under Article 2 of our Articles of Association, which is to promote the balanced development of our member countries and foster economic integration within West Africa, by financing priority development projects for the overall well-being of our populations.”
The OFID and BOAD have been collaborating since 1983 and, to date, have jointly financed 25 public, private, and trade finance projects. The OPEC Fund has also provided three direct loans to BOAD to support private sector and trade finance projects in the WAMU, as per the statement.