Abuja, Oct. 12. 2023: Africa50, the pan-African infrastructure investment platform, and the Commission of West African Economic and Monetary Union (WAEMU), have agreed to advance regional development within the WAEMU region.
The platform in a statement issued by its Senior Communications Coordinator, Nana Boakye-Yiadom, said the officials signed an agreement to also finance bankable projects within the region.
Boakye-Yiadom said 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.
“The agreement identifies three target sectors for collaboration, which are Transport with specific focus on Joint-Border Posts, Energy, and Information and Communications Technologies (ICT).
“Under the agreement, Africa50 will identify and develop a robust pipeline of projects to be considered for financing.
“The organisation will also leverage its extensive expertise in project development to expedite the delivery of these projects and bolster sustainable economic growth across the continent,’’ the senior communication coordinator said.
The coordinator also said that the two entities would work together to attract additional capital into regional infrastructure projects within the WAEMU region.
Meanwhile, the Chief Executive Officer (CEO) of Africa50, Alain Ebobisse described the collaboration between Africa50 and WAEMU as a significant milestone.
According to him, it symbolises our dedication to catalysing 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.’’
The President of the Commission for WAEMU, Abdoulaye Diop, said the partnership exemplified shared commitment of both organisations to foster 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,’’ Diop said.
WAEMU is 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.
It is dedicated to enhancing economic integration and financial cooperation among its member states.
The partnership aligns with WAEMU’s objectives of promoting economic stability and prosperity in the region through strategic initiatives and partnerships.