West Africa Gets 1.7 Billion CFA Enhance for Private Sector Growth
The African Development Fund has approved a grant of 1.7 billion CFA francs to strengthen private sector competitiveness across the West African Economic and Monetary Union (WAEMU).
The funding will support the Project to Strengthen Competitiveness of the Private Sector across West African Economic and Monetary Union member states, which include Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.
The project aims to improve regional trade, enhance economic integration and support the implementation of the African Continental Free Trade Area (AfCFTA) by helping countries capitalise on production and export opportunities.
A key component of the initiative is direct support to 80 export-ready small and medium-sized enterprises (SMEs), many of which are owned by women and young entrepreneurs. These businesses will receive training and guidance on export procedures, access to finance, regulatory compliance, technology adoption and sustainable production practices.
According to the African Development Bank Group, national consultations will be held with AfCFTA committees to assess implementation progress and establish an operational framework. A regional workshop will also be convened to strengthen accountability, coordination and monitoring of trade integration efforts.
Lamin Barrow, Director General for West Africa at the African Development Bank Group, said the initiative will help harmonise national strategies and strengthen regional cooperation, building on the Bank’s experience in infrastructure, trade facilitation and export diversification.
He added that the project is expected to benefit an estimated 147 million people across the region through reduced trade costs, improved facilitation systems and expanded economic opportunities.
The project will also strengthen the capacity of WAEMU institutions, including the regional chamber of commerce, to better support private sector growth and regional integration.
