- Published on Tuesday, 05 March 2013 10:58
- Published by Andrea Ayemoba
- Hits: 361
The African Development Bank (AfDB) and the Investment and Development Bank of the Economic Community of West African States (BIDC) yesterday signed a grant agreement amounting to US$950 000 to strengthen the BIDC institutional capacities. The signing ceremony, held during the inauguration of the AfDB national office in Togo, was chaired by Mr. Serge N’Guessan, AfDB Resident Representative in Togo and Mr.Bashir Ifo, BIDC President.
This grant, provided from the Fund for African Private Sector Assistance (FAPA), funded by the Government of Japan, the AfDB, the Austrian Development Bank and the Government of Austria, will finance a technical assistance program allowing BIDC to implement its private sector operations strategy and processes, to reinforce its human capital and increase its resources mobilization. This grant is part of a large technical assistance program funded jointly with the French Development Agency (AFD) who provided a €500 000 to BIDC in 2011 to improve its financial and risk management framework.
Mr. Bashir Ifo welcomed the excellent quality of cooperation between AfDB and BIDC and affirmed that “the grant agreement which has just been signed illustrates the vitality of this cooperation which will enable BIDC to be engaged in a program of reinforcement of its private sector operations in the region.” He further added that “this grant will contribute optimizing BIDC management capacities, by which the Bank will able to be placed at a constant and favorable level of performance.”
In his speech at the signing ceremony, Mr. N’Guessan thanked the Japanese and the Austrian Governments and people for their contribution to boost the private sector development on the continent. Mr. N’Guessan said: “This assistance will enable BIDC to respond effectively to the challenges of developing and promoting the private sector in the Economic Community of West African States (ECOWAS). The success of the technical assistance program will also pave the way for other interventions for BDIC, an institution that represents the AfDB an essential partner in fulfilling our shared mission”
Through FAPA funds, AfDB has initiated a broad program for institutional capacity building to support the African Development Finance Institutions such as the West African Development Bank (BOAD), the East and South African Development Bank (PTA Bank), the East African Development Bank (EADB), the Bank Congolaise de l’Habitat (BCH) and finally Shelter Afrique (specialized in housing finance in Africa).