Development Bank of the Central African States

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Development Bank of the Central African States
Banque de développement des États de l'Afrique centrale (BDEAC)
Established1975 (1975)
Type Multilateral development bank
Legal statusInternational financial institution
Headquarters Brazzaville, Republic of the Congo
President
Dieudonné Evou Mekou
Website www.bdeac.org

The Development Bank of the Central African States, usually known for its French initials, BDEAC, is a multilateral development bank that is charged with financing the development of the member states of Economic and Monetary Community of Central Africa (CEMAC). The BDEAC is different from the Bank of the Central African States (BEAC), which is a central bank. [1]

Contents

History

BDEAC was created through an agreement signed in Bangui on December 3, 1975, in Bangui by the heads of state of Cameroon, Central African Republic, Republic of the Congo and Gabon. It started its operations on January 3, 1977. [1]

Since 2006, the BDEAC has been actively involved in financing the development of the Pointe-Noire port, [2] and in March 2012, it allocated 130 billion CFA francs for various projects, including two cement plants in Congo and Cameroon and a hospital in Equatorial Guinea. [3] BDEAC significantly bolstered its financial base in July 2014 by increasing its share capital by 250 billion CFA francs to a total of 1,200 billion CFA francs, [4] [5] and in 2016, received an additional 400 billion CFA francs from the Bank of Central African States (BEAC). [6]

In April 2017, BDEAC set forth a strategic plan for 2017-2021 focusing on agricultural projects to cut down on expensive agri-food imports in the CEMAC zone, [7] and in July of the same year, the Kingdom of Morocco invested 4 million dollars for a 3% stake in BDEAC, gaining a seat on the board of directors. Furthering its commitment to the region's development,. [8] [9] on January 25, 2020, BDEAC signed a partnership agreement with the African Solidarity Fund (FSA) to enhance financing for investments and significantly boost FSA's role in the Central African region. [10]

Leadership

The General Assembly is BDEAC's supreme organ. The Bank is led by a president elected by the General Assembly for a single five year term. This president is assisted by a vice president elected under the same conditions. Since 2022, the president is Dieudonné Evou Mekou. [11]

Finances

In 2017, Moroccan government acquired an equity investment of the BDEAC worth €10 billion. The deal was signed in Rabat by Mohamed Boussaid and the bank's vice president, Zounguere Sokambi Armand Guy. [12] On July 26, 2017, the Arab Bank for Economic Development in Africa financed the BDEAC $15 million as part of a financing program. [13] Also in 2017, the BDEAC gave $3 million to fund members of CEMAC. [14]

In 2018, the BDEAC collaborated with the Nigerian Export-Import Bank to promote regional trade and investment. [15]

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References

  1. 1 2 "A_propos". Banque de Développement des États de l’Afrique Centrale. Retrieved 7 February 2017.
  2. ↑ "Bolloré investit 570 millions d'euros au Congo". Le Figaro. 24 December 2008. Retrieved 12 October 2017.
  3. ↑ Loic Ntoutoume (15 March 2012). "BDEAC : 130 milliards pour le social". Gabonreview.org. Retrieved 12 October 2017.
  4. ↑ "La BDEAC va augmenter son capital de 500 millions de dollars". Jeuneafrique.com. 9 July 2014. Retrieved 12 October 2017.
  5. ↑ "Banque de développement des Etats de l'Afrique centrale (BDEAC): augmentation du capital de la BDEAC à 1.200 milliards de FCFA". Africatime.com. 30 June 2014. Retrieved 12 October 2017.
  6. ↑ Omer Mbadi (20 January 2016). "Afrique centrale : 400 milliards de F CFA pour la BDEAC". Jeuneafrique.com. Retrieved 12 October 2017.
  7. ↑ "Afrique centrale: la BDEAC veut promouvoir une agriculture vivrière". Rfi.fr. 30 April 2017. Retrieved 12 October 2017.
  8. ↑ "Entrée du Royaume du Maroc dans le Capital de la BDEAC". Bdeac.org. 21 June 2017. Retrieved 12 October 2017.
  9. ↑ Aboubacar Yacouba Barma (22 June 2017). "Afrique centrale : le Maroc entre dans le capital de la BDEAC". Latribune.fr. Retrieved 12 October 2017.
  10. ↑ Afrik, Financial (2020-01-27). "Le Fonds de solidarité africain signe une entente avec la BDEAC". Financial Afrik (in French). Retrieved 2020-10-27.
  11. ↑ "CEMAC: Dieudonné Evou Mekou nommé président de la BDEAC". Financial Afrik. 14 April 2022. Retrieved 14 April 2022.
  12. ↑ "Morocco Acquires Stakes in Development Bank of Central African States". The North Africa Post . 24 June 2017.
  13. ↑ "US $ 15 million dollars from BADEA to the Development Bank of Central African States (BDEAC)". Financial Afrik . 26 July 2017.
  14. ↑ "Africa Legal News". Jones Day . December 2017.
  15. ↑ "NEXIM, Central African states to promote trade". The Nation . 6 February 2018.
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