The Board of Directors of the African Development Bank (www.AfDB.org) has approved a line of credit of €70 million and an equity investment of $24 million, to be granted to the West African Development Bank.
The line of credit will support businesses in the West African Economic and Monetary Union, particularly in job-creating sectors such as agribusiness, renewable energy, health and information and telecommunication, which were drastically affected by the Covid-19 pandemic.
In addition, the African Development Bank will assist the West African Development Bank, through funding from the Women Entrepreneurs Finance Initiative to set up a technical assistance program to mainstream gender aspects in its project review process and to promote women’s entrepreneurship. The project should help to create or consolidate at least 5,900 jobs (including 2,000 to women).
The facility is strongly aligned with three of the Bank High 5 strategic priorities, namely Feed Africa, Industrialize Africa and Improve the quality of life of Africans.
