The West African Development Bank seals its biggest deal ever, to finance infrastructures across the WAEMU

Investments

Friday, 14 February 2020 14:42

The West African Development Bank seals its biggest deal ever, to finance infrastructures across the WAEMU

(Togo First) - The West African Development Bank (BOAD) has signed with Canada-based investment firm Cordiant capital an agreement under which the latter will manage two new funds created by the regional bank.

The first fund, an infrastructure fund, will get a capital of €400 million, and the second, a seed capital fund, will receive €40 million. The money will be spent to advance infrastructures across the West African Economic and Monetary Union (WAEMU), with a particular focus on energy, transport, and communication.

“This is the the largest commitment ever made by the institution since it was established,” said Christian Adovelande, president of the BOAD.

In detail, the regional bank, which is the benchmark investor in the two funds, will invest €58 million or XOF38.2 billion, in both - respectively XOF12 billion and XOF26.2 billion in the seed fund and the infrastructure fund.

Cordiant Capital, let’s note, already runs seven infrastructure funds ($4 billion) in emerging markets. However, its partnership with the BOAD should lead it to open an office in a WAEMU State.

REFORMS OVERVIEW

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