Multinational - West African Economic and Monetary Union (WAEMU) Regional Financial Market Support Project (PADMAFIR)


Project Summary

Approval Date 16 Jan 2018
Signature Date 08 Feb 2018
Planned Completion Date 31 Dec 2020
Sovereign / Non-Sovereign Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 720,911.59
Status Implementation

Project General Description

The proposed operation involves a grant agreement of US$980,000 to the Regional Council for Public Savings and Financial Markets (CREPMF) for the West African Monetary Union (WAMU) Regional Financial Market Development Support Project (PADMAFIR). PADMAFIR is of great importance for the WAMU regional financial market. This intervention is part of the African Development Bank's efforts to strengthen, broaden and deepen capital markets by accompanying the modernization of the basic texts of the RFM to bring them more in line with international norms and standards. The Fund for African Private Sector Assistance (FAPA) resources will be allocated through three components: support for the modernization of the regulatory framework to increase market competitiveness and attractiveness, support for capacity building to revitalize the market, and support for project management and coordination through the strengthening of the institutional framework. This technical assistance includes the launch of the BRVM ELITE Lounge programme, which aims to support and facilitate the preparation of small and medium-sized enterprises (SMEs) for access to finance through the stock exchange. Other priority actions will be taken into account, including support for the CREPMF to facilitate the rapid deployment of new products such as securitisation, bond issues aimed at the diaspora and green bond issues.

Project Objectives

PADMAFIR contributes indirectly to improving the quality of life of African populations through job creation expected from better financing of the Union's economies. The project aims to contribute to the implementation of priority actions of the 2014-2021 Strategic Plan of the Regional Financial Market (RFM). The grant agreement specifically covers the modernisation of the regulatory framework, the launch of a programme to prepare SMEs for financing through the stock exchange and capacity building to boost the Regional Financial Market (RFM).

Beneficiaries

The main beneficiaries of the project are the Regional Council for Public Savings and Financial Markets (CREPMF) and the Small and Medium Enterprises (SMEs) of the West African Monetary Union (WAMU).

Participating Organization

Funding
Fund for African Private Sector Assistance

Information

IATI identifier 46002-P-Z1-HB0-013
Last Update 11 Jul 2020

Export

Contact Details

Email fapa@afdb.org

Geographic Location

Country Multinational