WAEMU, Africa50 sign agreement to boost African regional infrastructure development

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Marrakech, Oct. 10, 2023 – Africa50, the pan-African infrastructure investment platform, and the Commission of West African Economic and Monetary Union (WAEMU) have signed an agreement aimed at advancing regional development and financing bankable projects within the WAEMU region.

The agreement was signed on Tuesday on the sidelines of the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund in Marrakech, Morocco.

It identifies three target sectors for collaboration: Transport – with specific focus on Joint-Border Posts, Energy, and Information & Communications Technologies (ICT).

Under the agreement, Africa50 will identify and develop a robust pipeline of projects to be considered for financing.

The organisation will leverage its extensive expertise in project development to expedite the delivery of these projects and bolster sustainable economic growth across the continent.

Through this collaboration, the two entities will work together to attract additional capital into regional infrastructure projects within the WAEMU region.

“Today’s collaboration between Africa50 and WAEMU is a significant milestone,” remarked Alain Ebobisse, CEO of Africa50.

“It symbolizes 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.”

Abdoulaye Diop, President of the Commission for WAEMU, said: “This partnership exemplifies our shared commitment to fostering 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.”

WAEMU, 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, is dedicated to enhancing economic integration and financial cooperation among its member states.

This partnership aligns with WAEMU’s objectives of promoting economic stability and prosperity in the region through strategic initiatives and partnerships. (GBN)

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