The Confederation of the Alliance of Sahel States (AES) has formalized the creation of a regional development bank to finance major infrastructure projects including railways and energy projects. The Foundation of the Banque Confédérale d’Investissement et de Développement (Confederal Bank for Investment and Development) was announced on March 13 with a capital of 500 billion CFA Francs ($833 million). The heads of states of Mali, Burkina Faso and Niger made the announcement at a ceremony in Bamako, Mali, where they also reviewed progress of the development of the three-nation confederation.
Emphasizing that the creation of the bank aims to free these nations from international financing, Mali Minister of Economy and Finance Alhousseini Sanou said the formation of the bank marks a significant step toward the financial independence of the AES countries.
The heads of state also approved several major projects, including the creation of a trans-Sahel railway and a joint airline to which the new bank will contribute financing.
Army Gen. Assimi Goïta, who currently holds the presidency of the AES, also reviewed the impressive progress of the AES Confederation. In less than a year since its formation, the AES has created a joint security force.
Diplomatically they have created common symbols and the established strategic partnerships, including with Russia. The new bank marks a key milestone in economic integration and development. They have also created a joint food security stockpile to ensure the supply of essential foodstuffs in the three countries. They have also created a common biometric.
To complete the Hamiltonian impulse represented by the new development bank will be the creation of their own currency in order to replace the CFA Franc, which is supervised by the Banque de France central bank. In an April 11 interview with RT, Niger’s Foreign Minister Bakary Yaou Sangaré spoke extensively on the need for their own currency in order to achieve economic independence. Nonetheless he said that the project is still in the works and will take some time before it is completed.
