📋 Tender Overview
Project Summary
Approval Date 09 Mar 2023
Planned Completion Date 31 Dec 2027
Last Disbursement Planned Date 31 Dec 2027
Sovereign / Non-Sovereign Sovereign
Sector Multi-Sector
DAC Sector Code 15124
Commitment U.A 5,000,000
Status Approved
Project General Description
The Institutional Support Project: Enhancing Regional Financial Integration in West Africa is designed as upstream strengthen the policy, institutional, and operational framework for international financial services in West Africa and build capacity in the region’s financial system. The Fund will channel its support to the Government of Ghana and the West African Monetary Institute (WAMI), which are key to implementing the project. The project will facilitate dialogue among WAMI member countries on integrating the region financially. It will address gaps in regulatory frameworks, gaps in the institutional and technical spheres, and deficiencies at the national and regional levels, all of which affect West Africa’s financial system. The project has four (4) components, namely: (i) create an environment conducive to establishing an IFSC in West Africa, among other things by harmonizing policy and making regulation; (ii) establish a regional financial center authority (RFCA); (iii) build the capacity of the IFSC’s secretariat to deliver financial services; and (iv) support project management and coordination.
Project Objectives
The main objective of this project is to enhance regional financial integration and increase access to financial services in West Africa. Its specific objectives are: (i) to strengthen the region’s financial system, among other things by harmonizing policy, to make the region an attractive center for major firms to establish their presence and take advantage of the West African market; (ii) to stimulate long-term investment for development; and (iii) to develop the green finance market in West Africa.
Beneficiaries
The direct beneficiaries will be financial institutions in ECOWAS: banks and other financial institutions. Because the project will be funded by the ADF’s regional operations envelope, the grant resources will be used exclusively for the five (5) ECOWAS countries that are also part of the West African Monetary Zone: four of these are ADF-eligible countries.
Participating Organization
Funding
African Development Fund
Implementing
MINISTRY OF FINANCE AND ECONOMIC PLANNING
