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Wednesday, 18 May 2011

EIB reinforces financial sector in West Africa with EUR 10 million loan

On Tuesday the European Investment Bank, the European Union’s long-term lending institution, agreed to provide a EUR 10 million loan to support Bank of Africa’s expansion in the region. This initiative will reinforce development of a solid and professional banking sector and introduce best-banking practices in West Africa. The formal agreement was signed in Dakar by Mohamed Bennani, CEO Bank of Africa and Christophe Lucet, Head of the European Investment Bank’s regional representation in West Africa. “This agreement demonstrates the shared values of the European Investment Bank and Bank of Africa Group in recognising the importance of strong performance and stability in the banking sector for development on the continent. This agreement further shows the trusting relationship between the two institutions over the last 10 years.” said Mohamed Bennani, Chief Executive Officer of Bank of Africa Group. […] The loan signed today will contribute to finance development of Bank of Africa’s network across countries in the West African Economic and Monetary Union, including Benin, Burkina Faso, Ivory Coast, Mali, Niger, Togo and Senegal. This is ultimately expected to increase competition in financial services and lower the cost of a range of financial services. […] The regional approach of this initiative will further contribute to regional economic integration and increased cross-border financial services in West Africa.Additional support to Bank of Africa is also provided in particular by FMO of the Netherlands, Proparco of France, and BIO of Belgium.

Source: EIB