Mali, Burkina Faso, and Niger created the bank to finance infrastructure, energy, and agricultural projects.
According to Business Insider Africa, the military-led governments will pool resources from their three mineral-rich countries to finance the bank. Mali and Burkina Faso are among Africa’s leading gold producers. Niger has significant uranium reserves.
“Creating a development bank is a matter of financial stability, economic development, and financing strategic projects,” Burkina Faso’s Finance Minister Aboubakar Nacanabo said during a signing ceremony in Bamako, Mali’s capital.
It’s a move by the three countries to reduce their dependency on foreign donors while supporting their own agendas.
Launching West African Investment Bank Amid Political Isolation
Burkina Faso has faced scrutiny from international leaders due to a combination of political instability brought on by multiple military coups, an escalating jihadist insurgency, and a deepening humanitarian crisis that involves mass killings of civilians. Mali and Niger have also faced international criticism for the same reasons.
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Source: Black Enterprise
