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AfDB: new apprehension for West Africa

01/12/2020
Source : Agence de Presse Sénégalaise
Categories: Economy/Forex

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La  African Development Bank  (AfDB) launched a new West African regional integration strategy for the period 2020-2025 highlighting  the resilience of cross-border infrastructure and the development of regional businesses.

This strategy was launched on 26 November during a virtual seminar, which brought together representatives of the Bank, the Regional Economic Communities and member countries.

According to a press release, "the new West Africa Regional Integration Strategy Paper (DSIR-WA) 2020 2025, was approved on May 28 by the Council of Administration of the Bank Group''.'.

According to the document, ''the two main priorities will be to improve the resilience of cross-border infrastructure and support the development of regional businesses' '.

The same source explains that "it will also be a question of promoting the development of sub-regional trade and financial integration in West Africa".

According to the press release, the presentation of the strategy provided a better understanding of the Bank's integration ambitions in the area.

It indicates that the Bank plans to finance 35 projects over this period with a total value of UA 3.5 billion (about $4.94 billion). These projects concern in particular transport and technological infrastructure but also energy by strengthening climate resilience. The statement stresses that the new document builds on the successes and lessons learned from the previous strategy (2011-2017).

It also highlights the Bank's priority areas of intervention that are in line with the objectives of the African Union's Agenda 2063, the African Continental Free Trade Area (AfCFTA), the Sustainable Development Goals, the ECOWAS Vision 2020 and the global agreements on climate change.

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