Amanze Chinonye
The military-led governments of Mali, Burkina Faso and Niger have launched a regional investment bank capitalised at 500 billion CFA francs (about $895 million) to finance priority projects in infrastructure, energy and agriculture, as the three Sahel nations push to strengthen economic self-reliance.
According to Prime Business Africa, the bank is designed to pool resources from the three countries and channel them into strategic sectors critical to economic growth and stability across the region.
The new lender will draw on the mineral wealth of the Sahel states. Mali and Burkina Faso are among Africa’s leading gold producers, while Niger holds significant uranium reserves, which officials say could help underpin the bank’s long-term financing capacity.
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Speaking after the signing ceremony in Bamako, Burkina Faso’s Finance Minister Aboubakar Nacanabo said the creation of the bank was central to the countries’ development strategy.
“Creating a development bank is a matter of financial stability, economic development and financing strategic projects,” Nacanabo said.
Funding for the institution will partly come from new tax measures, with each country expected to contribute about 5% of its tax revenues to capitalise the bank, a move aimed at reducing dependence on foreign donors.
Mali’s Finance Minister Alousséni Sanou said the bank is now officially operational following the commitment of its initial capital, adding that the next step would be the appointment of its leadership to mobilise additional funding across the region.
The initiative comes as the three countries now withdrawn from the Economic Community of West African States (ECOWAS) grapple with political instability, climate pressures and a widening Islamist insurgency, challenges they say the regional bloc failed to adequately address.
Analysts say the effectiveness of the new regional lender will hinge on transparent governance, sustained capital contributions and its ability to attract additional financing, as Mali, Burkina Faso and Niger seek to redefine their economic development path.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
