West African Development Bank gets €70m and $24m equity investment
Home AfricaAfrica Business West African Development Bank gets €70m and $24m equity investment

West African Development Bank gets €70m and $24m equity investment

by Efo Korsi Senyo | Executive Editor
0 comment 1 minutes read
West africa development bank

BIDJAN, Ivory Coast, December 16, 2021/ — The Board of Directors of the African Development Bank (www.AfDB.org) has approved a line of credit of €70 million and an equity investment of $24 million, to be granted to the West African Development Bank.

Senco Homes

The line of credit will support businesses in the West African Economic and Monetary Union, particularly in job-creating sectors such as agribusiness, renewable energy, health, and information and telecommunication, which were drastically affected by the Covid-19 pandemic.

The €70 million forms part of a €150 million facility, which will be co-financed by Cassa Depositi e Prestiti (€60 million) and FINDEV (€20 million). The $24 million equity investment is part of a capital increase transaction, which will allow the African Development Bank to increase its shareholding from 0.55% to 1%, and therefore retain its seat on the Board of Directors of the West African Development Bank.

In addition, the African Development Bank will assist the West African Development Bank, through funding from the Women Entrepreneurs Finance Initiative (We-Fi) to set up a technical assistance program to mainstream gender aspects in its project review process and to promote women’s entrepreneurship. The project should help to create or consolidate at least 5,900 jobs (including 2,000 to women).

The facility is strongly aligned with three of the Bank High 5 strategic priorities, namely Feed Africa, Industrialize Africa and Improve the quality of life of Africans.

You may also like

Our Company

Awake News is a publication of AM Network established in 2012.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Laest News

@2024 – All Right Reserved. Designed and Developed by Senyo Global Solutions

Adblock Detected

Please support us by disabling your AdBlocker extension from your browsers for our website.