Nairobi: The Eastern and Southern African Trade and Development Bank Group (TDB Group) and the West African Development Bank (BOAD) have signed a Memorandum of Understanding (MOU) aimed at fostering collaboration in the financing of trade and development in the TDB Group member state of Senegal. The signing took place at TDB Tower, the Group’s Operations Hub with Admassu Tadesse, TDB Group President and Managing Director and Serge Ekué, BOAD President and Chairman. 

Senegal became a TDB Group member state in 2022, effectively opening the country for impact-focused trade and development financing from TDB for the private sector, financial institutions, and the sovereign. In cultivating this newly established relation with Senegal, the agreement with BOAD endeavours to explore co-financing and investment opportunities in the country in energy, infrastructure, healthcare, education, financial institutions, agriculture and food safety, real estate, including social housing and tourism financing for MSMEs.

The agreement establishes a framework encouraging collaboration on eligible transactions that contribute to stable and sustainable economic growth, and further economic and trade cooperation in the specified sectors.

Moreover, both parties will actively facilitate the reciprocal exchange of information and expertise. This collaborative effort aims to enhance knowledge, highlighting areas for further cooperation, and fostering a relationship of mutual growth, learning and development.

Admassu Tadesse, TDB Group President and Managing Director said that “This collaboration with BOAD is a very welcomed development as we gear up to support economic growth, trade and sustainable development in Senegal.”

Mary Kamari, Trade and Development Fund (TDF) Executive Director and TDB Group Corporate Affairs and Investor Relations Executive added, "Our cooperation with BOAD aligns with TDB Group's commitment to promote trade and economic integration across our African sub-regions in the spirit of the AfCFTA and the SDGs. We look forward to this joint effort to enhance our knowledge base, and craft new avenues for cooperation, fostering a robust relationship that promotes mutual growth and co-financing in the Senegalese market.”

Serge Ekué, BOAD President and Chairman declared “The signing of the TDB BOAD agreement is a genuinely important achievement, expressing our dedication to join our efforts to further advance economic growth, regional integration, and sustainable development inside our member states, and our ambition to do so through impact-focused and innovative financing solutions.”

The signing of this MOU reflects the dedication of BOAD and TDB Group to advancing economic growth, regional integration, and sustainable development in West Africa, where in addition to Senegal, Ghana also became a member state in 2022.

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About TDB

Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is an investment-grade African regional development finance group, with the mandate to finance and foster trade, regional economic integration and sustainable development. With an asset base of USD 10 billion, TDB Group has 25 African member states, which alongside non-regional member countries and institutional investors from Africa, Europe and Asia, form TDB's community of shareholders.

TDB Group counts several subsidiaries and strategic business units including Trade and Development Banking, TDB Group Asset Management (TAM), Trade and Development Fund (TDF), TDB Captive Insurance Company (TCI), the ESATAL fund management company and TDB Academy.

About BOAD

The West African Development Bank (BOAD) is the common development finance institution of the member countries of the West African Monetary Union (WAMU). It is an international public institution whose purpose, as provided under Article 2 of its Articles of Association, is to promote the balanced development of its member countries and foster economic integration within West Africa by financing priority development projects. It is accredited to the three climate finance facilities (GEF, AF, GCF).

Since 2009, BOAD sits as an observer at the UNFCCC and actively participates in discussions on devising an international climate finance system. Since January 2013, it has been home to the first Regional Collaboration Centre (RCC) on Clean Development Mechanism (CDM), whose aim is to provide direct support to governments, NGOs and the private sector in identifying and developing CDM projects. The Bank is an active member of the International Development Finance Club (IDFC) bringing together 26 national, regional and bilateral development banks.