By Black Star News
Photos: YouTube Screenshots
The Alliance of Sahel States (AES) are taking steps to create a regional development bank: the Confederation Bank for Investment and Development (BCID-AES).
The imagined goal of the BCID-AES is as a governing mechanism that will foster financial independence among AES states.
An advisor to Burkina Faso leader Ibrahim Traoré stated that “We don’t want to find ourselves in a situation where we’re relying on foreign investors, who tell us where to invest and what to invest in.”
Key objectives of the bank will include bankrolling infrastructure projects and development; marshaling local resources; as well as building up the bloc’s financial economic sovereignty.
The BCID-AES was started after the joint pullout of Burkina Faso, Mali and Niger from the Economic Community of West African States (ECOWAS) earlier this year.
In a recent meeting, in Niger, an agreement was reached on how to release the initial funding ($900 million) in a timely manner to launch the bank.
To Support our independent investigative journalism contributions are welcome via Cashapp to: $BlackStarNews
Also support Black Star News by buying merch from our brand new Black Star Store!
