The African Development Bank (AfDB) has approved a EUR 70 million credit facility and a $24 million (EUR 21.4 million) equity investment to be provided to the West African Development Bank.
AfDB’s $24 million equity investment increases its stake from 0.55 percent to 1 percent in the West African Development Bank
AfDB says the line of credit will used to support businesses in the West African Economic and Monetary Union with a particular emphasis on job-creation in sectors hardest hit by the global COVID-19 pandemic such as agribusiness, information and telecommunication, health and renewable energy.
The EUR 70 million credit facility is part of a EUR 150 million line of credit that will be co-financed by other development finance institutions with the $24 million equity investment increasing AfDB’s stake in the West African Development Bank from 0.55 percent to 1 percent while also retaining its seat on the Board of Directors.
