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Monday, 20 June 2011

€60m EIB loan for regional investment in West Africa

The European Investment Bank, the European Union’s long-term lending institution, has formally agreed to provide a EUR 60 million loan to enhance public and private sector operations by the West African Development Bank (BOAD). Finance contracts for the project were signed at the European Investment Bank headquarters in Luxembourg by Philippe Maystadt, President of the European Investment Bank and Christian Adovelande, President of the West African Development Bank. The European Investment Bank funding will focus on supporting regional projects that promote economic integration in West Africa, including environmental schemes or renewable energy. The West African Development Bank is the development finance institution of the West African Economic Monetary Union (WEAMU), with operations in eight West African member states Benin, Burkina Faso, Ivory Coast, Niger, Senegal, Togo, Mali and Guinea-Bissau.

Source: EIB