AfDB lines up €64m credit for West African Development Bank

The African Development Bank (AfDB) and the West African Development Bank (WADB) signed a loan agreement of a capital subscription of €3.05 million and a line of credit of €64 million to the West African Development Bank (WADB), according to a statement from the Tunis-based AfDB March 26, 2012.

The objective of this facility is to strengthen the WADB’s financial capacities and to assert its role as a strategic partner of AfDB in financing the private sector in West Africa.

This new facility succeeds the one granted in January 2008 which included a €40 million line of credit with a ten-year maturity, an equity investment of just over €3 million. and institutional support of $953,000, according to the AfDB.

Tim Turner, Director of AfDB’s Private Sector Operations stated that “granting this facility is motivated by the rapid development of WADB activities, which requires mobilizing additional resources to address growing investment demand from private economic players in its area of intervention.”

By Ekow Quandzie