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THE AFRICAN DEVELOPMENT BANK AND THE WEST AFRICAN DEVELOPMENT BANK SIGN A
MEMORANDUM OF UNDERSTANDING TO CO-FINANCE THE PREPARATION OF REGIONAL
PUBLIC-PRIVATE PARTNERSHIP INFRASTRUCTURE PROJECTS IN AFRICA

Lomé, March 30, 2021- The African Development Bank (AfDB) and the West African
Development Bank (BOAD) signed a memorandum of understanding on January 1.er
March, a memorandum of understanding defining a strategic partnership framework
for co-financing the preparation of regional public-private partnership (PPP)
infrastructure projects in Africa, involving at least one WAEMU member state.

The two institutions were represented respectively by Solomon Quaynor,
Vice-President in charge of Private Sector, Infrastructure and Industrialization
at the AfDB, and Serge Ekue, President of the BOAD.

As part of this strategic partnership, the AfDB will draw on its Special Fund of
the New Partnership for Africa’s Development Infrastructure Project Preparation
Facility (NEPAD-IPPF). For its part, BOAD will be supported by its Regional
Public-Private Partnership Project Development Unit (URDPPP).

The two institutions intend to cooperate to increase the availability of viable
regional infrastructure projects in transport, energy, water and information and
communication technologies.

The memorandum of understanding, signed for a period of five (05) years, covers
the identification, selection and prioritization of potential regional PPP
infrastructure projects, feasibility studies and transaction structuring and
support. To this end, the two institutions will jointly draw up a list of
projects eligible for co-financing, and agree on the project components to be
financed, the framework and supervision of the studies, and the terms of
disbursement. For the effective implementation of projects, programs and
activities related to their areas of cooperation, the two parties will cooperate
through a range of mechanisms.

At the end of the partnership, several results are expected. This involves
drawing up a list of regional projects suitable for joint development under the
PPP model. co-financing, each year, of preparation activities for at least two
(02) PPP infrastructure projects, drawn from the list of selected regional
projects capacity building for at least two selected project promoters or
implementing agencies and creation and joint management of a database on the
financing of PPP infrastructure projects in West Africa. To this end, the AfDB
and BOAD agree to work in synergy to achieve the objectives of the memorandum of
understanding.

This partnership will help the two institutions and the countries of the West
African Economic and Monetary Union (UEMOA) to rapidly build up a strong
pipeline of prepared, bankable and high-quality regional infrastructure
projects, as part of the region’s post-Covid-19 infrastructure investment
revival. As a result, it will help accelerate the mobilization of much-needed
infrastructure investment to bridge the financing gap that will widen as a
result of the negative impacts of the pandemic.

Relations between the African Development Bank and the West African Development
Bank are governed by a cooperation agreement signed in Abidjan on February 21,
1978. The African Development Bank is also a shareholder and member of the BOAD
Board of Directors.

About the African Development Bank Group

The African Development Bank (AfDB) Group is the leading multilateral financing
institution dedicated to Africa’s development. It comprises three separate
entities: the African Development Bank (AfDB), the African Development Fund
(ADF) and the Nigeria Trust Fund (NTF). The AfDB is present on the ground in 44
African countries, with a field office in Japan, and contributes to the economic
development and social progress of its 54 regional member states. The main
rating agencies, Moody’s, Standard & Poor’s, Fitch and the Japanese Rating
Agency, have awarded the Bank an AAA rating. For further information:
j.mp/AfDB_Media

About West African Development Bank 

 The West African Development Bank (BOAD) is the joint development finance
institution of the member states of the West African Economic and Monetary Union
(WAEMU).  According to Article 2 of its Articles of Association, the BOAD’s
purpose is to “promote the balanced development of member states and achieve
economic integration in West Africa” by financing priority development projects.
It is accredited with the three climate finance mechanisms (GEF, AF, GCF). Since
2009, BOAD has been an observer at the UNFCCC and has played an active role in
discussions concerning the construction of an international architecture for
climate finance. Since January 2013, it has been home to the first Regional
Collaboration Center (CRC) on the Clean Development Mechanism (CDM), whose aim
is to provide direct support to governments, NGOs and the private sector in
identifying and developing CDM projects. It is committed to carbon neutrality by
2023. For further information: www.boad.org

 

PRINTABLE VERSION 

Media contacts :

African Development Bank 

                Amba Mpoke-Bigg, Communication and External Relations
Department,

                email : a.mpokebigg@afdb.org

West African Development Bank

Communications, marketing, public relations and knowledge department,

                Tel : + 228 22 23 25 65

                Fax : + 228 22 23 24 38

                Email : boadsiege@boad.org

 

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