AfDB, WAEMU Seek to Strengthen Cooperation

13/01/2005
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Tunis, 13 January 2005 – The African Development Bank Group (ADB) and the West African Economic and Monetary Union (WAEMU) are working on a Protocol Agreement aiming at formally boosting cooperation between the two Institutions. This agreement could be finalized by June 2005.

This is the conclusion reached at a recent working session held between the two Institutions within the framework of a visit to the Temporary Relocation Agency by a WAEMU delegation headed by the Chairman of the WAEMU Commission, Mr. Soumaïla Cisse.

The working session chaired by Mr. Bisi Ogunjobi, ADB Group Vice-President in charge of West and Central Operations, made a review of on-going operations and held a talk on Cooperation perspectives. In this regard, the Bank indicated that an assistance to regional integration Strategy was under preparation in those countries covered by the Economic Community of West African States (ECOWAS) and would be operational by mid-May 2005.

The delegation was briefed on the status of a number of financing requests made to the Bank by the WAEMU. Thus, Phase-I of the Study on Reforms of Public Markets in WAEMU countries is entirely completed and the results will be considered for validation in March 2005. The Bank also confirmed that a Project on CapacityBuilding for the Supervision of Aerial Security in Africa (Coscap) is under preparation.

With regard to Assistance to Guinea-Bissau, the economy of which has been seriously staunched by socio-political unrests, the ADB informed the WAEMU delegation of the on-going preparation of a project, aiming at backing the country in rebuilding its institutional capacities.

The WAEMU requested the Bank’s collaboration for implementing a Community Program concerning Water Supply in 1,000 villages amounting to CFA 707 Billion. The Bank said it has launched a Rural Water and Sanitation Initiative benefiting its member countries. Pilot projects have been already funded by the Bank in Benin and Mali. Both parties agreed on strengthening the complementarities of their programs in this specific area.

Furthermore, the Bank has agreed in principle to finance a study on the impact of trade agreements that the WAEMU Commission intends to conclude with Northern African Countries. The Bank also confirmed its agreement in principle to finance feasibility study on a fisheries three-year program. The ADB also told the delegation that the possibility of financing a study on the establishment of a Regional Stock Market on consumer products, under bilateral resources, was being considered. Finally, the Bank confirmed its availability to provide a technical assistance through its services, with the view to improving statistics on consumption.

WAEMU in Brief

  • The West African Economic and Monetary Union includes 8 countries:Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, SenegalandTogo
  • Establishment date:10 January 1994

Media contact:

Chawki Chahed – Tél.: +216 71 10 27 02 – E-mail: c.chahed@afdb.org