OPEC Fund’s 50 million loan bolsters SMEs and promotes green energy in West Africa

In a strategic move to bolster the development of small and medium-sized enterprises (SMEs) and advance green energy initiatives in West Africa, the OPEC Fund for International Development (OPEC Fund) has recently inked a significant €50 million loan agreement with the West African Development Bank (BOAD).

Under this agreement, sub-loans will be extended across member countries of the West African Monetary Union (WAMU) – including Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo – through various financial institutions.

Highlighting the significance of this collaboration, OPEC Fund Director-General Dr. Abdulhamid Alkhalifa emphasized the joint effort’s alignment with their strategic priorities. He emphasized the commitment to facilitating financial access for local businesses while promoting sustainable, cost-effective, and dependable sources of electricity through green energy solutions.

Mr. Serge Ekue, President of BOAD and Chairman of its Board of Directors, expressed his satisfaction with the renewed partnership, citing OPEC Fund’s consistent support over four decades. He underlined the joint mission to drive balanced development and economic integration within West Africa by financing pivotal development projects.

Since 1983, the OPEC Fund and BOAD have joined forces, collectively funding 25 projects encompassing public, private, and trade finance initiatives. Notably, the OPEC Fund has previously extended three direct loans to BOAD, specifically targeting private sector and trade finance projects in the WAMU region.

This new financing aligns seamlessly with the OPEC Fund’s Climate Action Plan, aiming to allocate 40 percent of its new financing towards climate-related investments by 2030.

The collaborative efforts between the OPEC Fund and BOAD signify a proactive stride towards sustainable economic development, fostering growth, and advancing green energy initiatives across West Africa.