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France gives €27m to UEMOA zone as budget support

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Wednesday, 13 April 2016

France gives €27m to UEMOA zone as budget support

France has granted the West African Economic and Monetary Union (UEMOA) countries a CFA 17 billion francs (about €27 million) budget support to finance the bloc’s Regional Economic Program (REP), according to a statement issued by the sub-regional institution received by APA Tuesday.The source said the signing of this agreement took place between the Chairman of the UEMOA Commission Cheikh Hadjibou Soumare, the Director of the Africa Department of the French Development Agency (AFD), Jean-Pierre Marcelli and the French minister of Finance and Public Accounts, Michel Sapin on the sidelines of the meeting of the Zone Franc Finance ministers last Saturday in Yaounde (Cameroon). According to the President of the UEMOA Commission, the support will boost resource mobilization efforts for integration projects, including the subsidize of interest rate loans from West-African Development Bank to priority projects of member states, the financing of the interim phase of the Support Program for Regional Excellence Centers (PACER) of the sub-regional institution. The agreement will also enable the launch of UEMOA Microsol project (integrated platforms for agricultural transformation, conservation, irrigation, fish farming and production of drinking water from thermodynamic and/or photovoltaic energy.)

Source: en.starafrica.com