The West African Development Bank and PROPARCO have announced, on the sidelines of the Africa Forward Summit, the launch of an unprecedented cross-financing operation of 200 million euros, approximately 131 billion CFA francs, aimed at supporting the private sector in the UEMOA region.
Structured by Galite in the form of a cross-border transaction between the euro and the CFA franc, this operation is presented as a world first in terms of its financial architecture and ambition. The objective is twofold: to broaden the access of local businesses to financing in local currency while strengthening the macroeconomic resilience of the UEMOA zone through support for foreign exchange reserves.
In a context marked by debates on the reform of the international financial architecture, this initiative aims to provide a concrete response to the financing needs of African economies. The mobilized resources will be used in particular for financing structuring projects led by the private sector, considered as an essential driver of job creation and regional growth.
“With the BOAD, we are taking a major step in our commitment to stimulate financing for the African economy,” said Françoise Lombard, CEO of PROPARCO, highlighting the common desire of both institutions to increase the mobilization of resources in local currency for the benefit of the UEMOA economies.
On his side, Serge Ekué, President of the BOAD, stated that this transaction marks “an important step in our collective ability to attract more financing towards projects with high economic and social impact in Africa.”
