The Arab Bank for Economic Development in Africa (BADEA) has provided a credit facility of $20m to the West African Development Bank (BOAD).

These resources will enable BOAD to finance imports of goods from Arab countries by WAEMU member States.

Christian Adovelande, President of the West African Development Bank, said: “This financial assistance will help strengthen BOAD's short-term financing interventions and enhance the competitiveness of businesses from WAEMU countries.”

In addition, he welcomed the outstanding cooperation between the two institutions, covering technical support as well as financial cooperation.

As part of the technical cooperation, BADEA has provided BOAD with an IT expert to support it in the implementation of its IT Master Plan.

With respect to the financial cooperation, in November 2013 BOAD received a first loan from BADEA in the amount of $10m.

This loan, which has been fully expended, was used to refinance four private-sector projects.

Abdelaziz Khelef, Director General of the Arab Bank for Economic Development in Africa, said this “operation is a vivid demonstration of the importance BADEA attaches to the promotion of commercial exchanges between the Arab and African regions”.

A third loan from BADEA in the amount of $15m, intended for the funding of SMEs within the WAEMU space, is under negotiation.