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BCEAO approves $6bln in aid for West African economies

Tuesday, 22 September 2020 15:55
BCEAO approves $6bln in aid for West African economies

(Ecofin Agency) - The Central Bank of West African States (BCEAO) made a new liquidity injection for its member countries last week. A total of CFA3,350 billion (about $ 6 billion) was disbursed by the institution.

During the auction held on 14 September, 87 banks in the sub-region obtained a liquidity injection at a fixed rate of 2%. With more than CFA1,000 billion ($ 1.8 billion), Côte d'Ivoire secured the largest financing or 31% of the funds injected.

Senegal received more than CFA580 billion (about $1 billion), Mali obtained CFA466 billion (about $835 million), while Benin secured CFA434.5 billion (about $777 million) and Burkina Faso CFA318 billion ($569 million). BCEAO gave CFA241.6 billion ($432 million) to Niger, CFA 219 billion ($392 million) to Togo, and CFA45.5 billion ($81.5 million) to Guinea-Bissau.

This operation took place in a difficult context for West African banks as the covid-19 pandemic has significantly disrupted activities. Since the beginning of the crisis, BCEAO has adopted several measures to help them continue financing the economy.

As a reminder, the maturity of financing granted to banks of the West African Monetary Union (WAMU) was set for yesterday September 21.

Moutiou Adjibi Nourou

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