Arab bank provides $20 million to facilitate Africa’s importations

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The Arab Bank for Economic Development in Africa (BADEA) on Thursday concluded with the West African bank of development (BOAD) 20 million U.S. dollars financial support to assist goods importations from Arabian countries, according to a release from the community financial institution that reached Xinhua.First Capital Plus' new status brings the total number of commercial banks in the country to 27.
Christian Adovelande, President of BOAD, and Abdelaziz Khelef, General director of BADEA, inked the convention governing the financial assistance, on Thursday at the headquarter of the BOAD in Lome.
According to the release, the financial resources will help BOAD finance West African Economic and Monetary Union (Uemoa) member states’ goods importation operations from Arabian countries.
“This support will contribute to the strengthening of BOAD short-term financial facilities provision and to the enhancement of UEMOA member states enterprises’ competitiveness”, Christian Adovelande said.
Another financial support to the amount of 15 million U.S. dollars is under negotiation and will help finance small and medium size enterprises (SMEs) in the West African economic and monetary union (UEMOA) countries, the release said.
BOAD is the financial institution of Uemoa, a sub-regional community of eight countries sharing the same currency CFA Francs in the West Africa. Enditem

Source: Xinhua

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