The controversial military-led states of Niger, Mali and Burkina Faso have jointly launched an ambitious regional investment bank capitalised with U$895 million.
According to the military leaders the bank will finance infrastructure, energy and agricultural projects in these countries.
The three countries all ditched the Economic Community of West African countries bloc accusing it of serving Western interests.
These Sahel countries are rich with natural resources especially Gold, uranium and other rare earth minerals.
Mali and Burkina Faso are among Africa’s leading gold producers, while Niger holds significant uranium reserves.
Approximately 5% of tax revenues from each country will support the bank, reducing dependency on foreign donors.
During the signing ceremony held in the Mali capital, Bamako, Mali’s Finance Minister Alousséni Sanou said the bank is now officially operational.
“Creating a development bank is a matter of financial stability, economic development and financing strategic projects,” Sanou Said.
Each state will contribute about 5% of tax revenues to capitalise the bank in a wider effort to reduce reliance on foreign donors.
However, the three countries are yet to appoint the Bank’s leadership which will be tasked with mobilising additional funding across the region.
