On the sidelines of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Marrakech, Morocco, the Africa50 investment platform has pledged to support infrastructure projects in the West African Economic and Monetary Union (WAEMU).
The key players in the global economy have been meeting since 9 October 2023 in Marrakech, Morocco, for the Annual Meetings of the International Monetary Fund (IMF) and the World Bank. On the sidelines of this event, the Africa50 investment platform signed an agreement with the Commission of the West African Economic and Monetary Union (WAEMU) to implement infrastructure projects.
Le Président de la @UEMOA_Officiel, #AbdoulayeDIOP et le Directeur Général d'#Africa50, #AlainEBOBISSE ont signé ce 10 octobre à #Marrakech, un Accord-cadre de coopération et de partenariat pour promouvoir le développement et le financement de projets bancables dans l’#UEMOA. pic.twitter.com/MfWWGiKdk0
— UEMOA_Officiel (@UEMOA_Officiel) October 10, 2023
The partnership covers infrastructure development in Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo. Africa50 will mainly support the development of transport infrastructure, “with a particular focus on common border crossings”, says Africa50. This partnership has been announced at a time when West Africa is buzzing with the Lagos-Abidjan motorway project.
Financing transport
The mega-project, which will require an investment of 15 billion dollars, is expected to link several WAEMU cities, including Abidjan in Ivory Coast, Lomé in Togo and Cotonou in Benin, via a 1,081 km corridor. A real development project that will contribute to the implementation of the Continental African Free Trade Area (CAFTA), thus facilitating the transport of goods in the sub-region.
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Africa50’s commitment to supporting the implementation of energy projects within WAEMU is also part of this logic. “In line with our firm commitment to contribute to the success of Zlecaf, this partnership aims to intensify and accelerate the implementation of key regional projects under our Joint Border Posts Programme,” explains Alain Ebobisse, Africa50’s Managing Director.
ICT development
Among the emblematic projects underway in the sub-region is the West African Power Pool (WAPP), an integration initiative implemented since December 1999 to create an integrated energy market. This interconnected network is fed by a number of renewable energy plants, such as the 140 MW Gouina hydroelectric scheme commissioned over a year ago in Mali.
In addition to energy, Africa50 will finance information and communication technologies (ICTs). The collaboration with WAEMU “symbolises our commitment to catalysing transformative projects in West Africa and accelerating regional integration through strategic investments in critical sectors”, explains Alain Ebobisse. This collaboration comes a few months after the signing of a partnership between Africa50 and the West African Development Bank (BOAD) to finance sustainable infrastructure in West Africa.
Jean Marie Takouleu
