The Board of Directors of the African Development Bank (AfDB.org) approved a line of credit of 70 million euros and an equity investment of 24 million dollars, to be granted to the West African Development Bank.
The line of credit will support businesses in the West African Economic and Monetary Union, particularly in job-creating sectors such as agribusiness, renewable energies, health, information and telecommunications, which have been hit hard. affected by the Covid-19 pandemic.
The € 70 million is part of a € 150 million facility, which will be co-financed by Cassa Depositi e Prestiti (€ 60 million) and FINDEV (€ 20 million). The stake of 24 million dollars is part of a capital increase operation, which will allow the African Development Bank to increase its stake from 0.55% to 1%, and therefore to keep its seat on the Board of Directors of the West African Development Bank.
In addition, the African Development Bank will help the West African Development Bank, through the financing of the Women Entrepreneurs Finance Initiative (We-Fi) to set up a technical assistance program to integrate aspects of gender in its project review process and to promote female entrepreneurship. The project should make it possible to create or consolidate at least 5,900 jobs (including 2,000 for women).
The facility is strongly aligned with three of the Bank’s High 5 strategic priorities, namely Feeding Africa, Industrializing Africa and Improving the Quality of Life of Africans.