NDF first in signing West African Coastal Areas (WACA) Agreements
NDF signed a credit agreement with Benin and a grant agreement with the World Bank during the World Bank’s Spring Meetings.
NDF was the first financing institution to approve financing of a total amount of EUR 13.1 million for the West African Coastal Areas Program. The World Bank approved financing of USD 225 million for the project in April.
Now NDF is the first financier to sign the first financing agreements relating to the WACA project. A credit agreement for EUR 4 million for Benin’s WACA investment was signed with Mr Romuald WADAGNI, Minister of Economy and Finance of Benin, on 19 April 2018. On the same date NDF and the World Bank also signed an agreement for EUR 5 million for support to the WACA Platform.
”Benin sets the example for other countries in terms of speed and efficiency,” said Pasi Hellman, Managing Director of NDF at the signing ceremony. ”We hope to see similar swiftness also in the implementation phase,” he added.
The aim of WACA is to strengthen the resilience of the targeted communities and areas in coastal West Africa.
NDF’s funding is aimed at improving climate resilience in coastal regions of Benin and Senegal. The support will also strengthen regional climate change cooperation through the WACA Platform to allow regional integration and joint action, test innovative financial instruments, and, where relevant, involve the private sector.
