On the sidelines of the COP 27, the West African Development Bank (BOAD) and the Development Bank of Southern Africa (DBSA) signed a partnership agreement to foster inter-regional cooperation.
Sharm El-Sheikh, 10 November 2022. 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).
The West African Development Bank (BOAD) is the common development finance institution of the member countries of the West African Monetary Union (WAMU). It is an international public institution whose purpose, as provided under Article 2 of its Articles of Association, is to promote the balanced development of its member countries and foster economic integration within West Africa by financing priority development projects. It is accredited to the three climate finance facilities (GEF, AF, GCF). Since 2009, BOAD sits as an observer at the UNFCCC and actively participates in discussions on devising an international climate finance system. Moreover, since January 2013, it has been home to the first Regional Collaboration Centre (RCC) on Clean Development Mechanism (CDM), whose aim is to provide direct support to governments, NGOs and the private sector in identifying and developing CDM projects. The Bank is committed to carbon neutrality by 2023. www.boad.org
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About the Development Bank of Southern Africa
About the Development Bank of Southern Africa (DBSA) – The DBSA is a leading Development Finance Institution (DFI), wholly owned by the government of South Africa. Established in 1983, the DBSA is mandated to promote economic growth and regional integration by mobilising financial and other resources from national and international private and public sectors for sustainable development projects and programmes in South Africa, SADC, and the wider African continent.
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