DBSA & BOAD sign a partnership agreement to foster Inter-regional Cooperation
21-12-2022 11:09:12 | by: Marlene Mutimawase | hits: 13399 | Tags:

Mr. Serge Ekue and Mr. Patrick Dlamini, respectively President of the West African Development Bank (BOAD) and CEO & Managing Director of the Development Bank of Southern Africa (DBSA), signed a Memorandum of Understanding (MoU) to lay the foundation for broader cooperation between the WAEMU region and Southern Africa.

The signing of this MoU reflects BOAD's commitment to draw on the experience of other multilateral banks on issues related to inclusion in Africa. By concluding such cooperation agreements, BOAD seeks to adopt the best international standards in the implementation of its growth strategy. The two institutions are committed to strengthening their relationship and sharing experiences and information.

Speaking about the agreement, President Serge Ekue said: "BOAD is more than ever aware that the challenges facing Africa require a coordinated and multifaceted approach, involving all public and private development players. Consequently, we are convinced that the new partnership established between BOAD and DBSA, through this MoU, will help promote sustainable economic growth in the region and improve the living conditions of our communities”. Patrick Dlamini added, “ building Africa’s Prosperity requires all developing nations to work together to promote regional integration”.

As a reminder, thanks to its investment grade rating obtained in 2015 and affirmed over the years by international rating agencies, BOAD floated on the international capital market the maiden sustainable bond in Africa, involving XOF492 billion, with 12-year maturity and 2.75% coupon. As part of its strategy to support regional integration projects, BOAD also made available to the region's economies a total of XOF439.4 billion in 2021.

These resources were used to finance priority sectors: transport and digitization, agriculture and food security, energy and natural resources, education and health, real estate and social housing, in line with the sustainable development goals (SDGs 1-13 and 15).