Ekue: AfDB, BOAD finalise shareholder agreement to finance WAEMU development

The West African Development Bank has recently announced the finalization of a crucial shareholder agreement with the African Development Bank aimed at financing development priorities in the WAEMU region. In an exclusive interview with CNBC Africa at the Africa Investment Forum held in Morocco, Serge Ekue, the President of the West African Development Bank, shed light on the key focus areas and priorities for the bank in the coming years. Ekue emphasized the importance of long-term, concessional financing to support the private sector and drive development across various sectors. The President highlighted that the bank's primary focus areas include infrastructure, agriculture, health, and education, with a particular emphasis on energy as an enabler rather than just a sector. The agreement signifies a milestone in enhancing the development and economic growth of the region, paving the way for strategic investments and partnerships. Ekue expressed the urgent need to address crucial development issues in the region, especially as Africa's population is projected to represent over 40% of the world's population in the near future, with a median age of 20 years. He stressed the importance of leveraging the tools and resources available to foster sustainable development and growth in the continent. Ekue stated, 'Fundamentally, we need to close this. We need to have these development things behind us. It is of absolute necessity in a continent that would represent in the forthcoming years more than 40% or even 45% of the world population, where the median age is 20 years.' In response to a query about the prioritization of focus areas for near-term execution, Ekue reiterated the bank's commitment to a concentrated approach. He emphasized the significance of infrastructure development, considering energy as a key enabler for progress. Ekue emphasized the need to elevate the discourse around energy, positioning it not just as a sector but as a catalyst for growth and innovation. In addition to infrastructure and energy, Ekue underscored the importance of agriculture in the region, highlighting the need for investment in agribusiness and food security. He also pointed out the critical importance of the health and education sectors, particularly in light of the challenges posed by the COVID-19 pandemic. Furthermore, Ekue addressed the evolving market trends and opportunities, particularly in the context of critical minerals and their significance for the electric vehicle (EV) market. He emphasized the bank's strategic focus on supporting countries within the region to capitalize on these opportunities and harness the potential for growth and development. Ekue reiterated the importance of remaining steadfast in the bank's core priorities and ensuring alignment with the broader ecosystem to drive impactful outcomes. The agreement between the West African Development Bank and the African Development Bank marks a significant step towards advancing development goals in the WAEMU region. As the bank continues to prioritize key sectors such as infrastructure, agriculture, health, and education, the partnership is poised to unlock new opportunities for sustainable growth and prosperity in West Africa. With a clear focus on leveraging energy as an enabler and addressing pressing development challenges, the collaboration between the two institutions holds promise for driving positive change and transformation in the region.