(Ecofin Agency) - The West African Development Bank (BOAD) has approved a series of financing totaling $197 million for Burkina Faso and Mali, two countries that are part of the newly formed Alliance of Sahel States (AES). This funding, approved during the bank's latest board meeting on Monday, March 4, 2024, indicates significant support for the countries that have recently expressed intentions to distance themselves from the CFA franc zone and, by extension, the West African Economic and Monetary Union (WAEMU), following their immediate withdrawal from ECOWAS.

Overall, all the projects approved by the bank during its meeting totaled CFA239.5 billion. This means that nearly 50% of the new commitments have been allocated to the two AES countries. The funds will support various sectors, including agriculture, roads, and energy, in line with the bank's objectives to foster regional development.

In Burkina Faso, significant projects funded include a CFA15 billion investment in the 2023-2024 cotton campaign to facilitate the procurement and processing of around 427,500 tons of cotton seed. A separate allocation of CFA14 billion is also targeted towards rapidly expanding mineral fertilizer production by acquiring raw materials sufficient for 29,000 tons of fertilizers. This initiative is set to strengthen the capabilities of the Burkina Faso Phosphate Exploitation Company, enhancing the nation's agricultural productivity, according to BOAD's plans.

Furthermore, a significant project involves the expansion and modernization of the National Road RN4, improving access to Thomas Sankara University. BOAD has committed CFA30 billion to reduce travel time by 50% and enhance road safety.

For Mali, BOAD has approved a CFA30 billion funding for Phase 2 of the Irrigation Development Program in the Bani Basin and Sélingué area. This project aims to enhance food security and reduce poverty within the targeted area by increasing the incomes of agricultural producers and strengthening their ability to withstand climate changes, as indicated.

The second project in Mali, funded with CFA30 billion, targets the energy sector. The goal here is to lay the groundwork for a brand-new electrical network, including the construction of a 225 kV line that will encircle the north of the capital and the establishment of electrical substations. This project will connect critical points such as Kodialani, Kambila, Safo, Kénié, and Dialakorobougou. The BOAD assures that this initiative will revive the energy transport infrastructure.

Côte d'Ivoire and Senegal have also had several of their projects approved. For Senegal, validated projects include upgrading the structural road network to enhance mobility and user safety, and the construction of a Digital Technology Park in the Diamniadio Urban Pole, aiming to position the country as a regional digital hub. A project to strengthen the drinking water supply systems in Richard-Toll, Dagana, Podor, and Matam has also been approved.

As for Côte d'Ivoire, the development and paving project for the Petit Nassian-Kafolo-Téhini road has been validated, aiming to facilitate exchanges between localities and support economic growth.