3 West African Countries Join Forces To Launch $895M Investment Bank

Mali, Burkina Faso, and Niger created the bank to finance infrastructure, energy, and agricultural projects.

Three West African countries have joined forces to launch a regional investment bank with capital of 500 billion CFA francs, which is about $895 million. Mali, Burkina Faso, and Niger created the bank to finance infrastructure, energy, and agricultural projects. It’s one of the most significant financial collaborations among Sahel nations in recent years.

According to Business Insider Africa, the military-led governments will pool resources from their three mineral-rich countries to finance the bank. Mali and Burkina Faso are among Africa’s leading gold producers. Niger has significant uranium reserves.

“Creating a development bank is a matter of financial stability, economic development, and financing strategic projects,” Burkina Faso’s Finance Minister Aboubakar Nacanabo said during a signing ceremony in Bamako, Mali’s capital.

It’s a move by the three countries to reduce their dependency on foreign donors while supporting their own agendas.

Launching West African Investment Bank Amid Political Isolation

As the Voice of Africa points out, the three countries banding together to launch the banks come at a time when all three nations face political isolation, climate concerns, and even ongoing security challenges. In 2024, all three countries withdrew from the Economic Community of West African States (ECOWAS) over frustrations that the bloc failed to support their fight against insurgencies.

Burkina Faso has faced scrutiny from international leaders due to a combination of political instability brought on by multiple military coups, an escalating jihadist insurgency, and a deepening humanitarian crisis that involves mass killings of civilians. Mali and Niger have also faced international criticism for the same reasons.

ECOWAS imposed significant sanctions on the three countries after their military coups, including border closures, asset freezes, and no-fly zones that were especially geared toward Niger. However, ECOWAS’s actions heightened tensions and led to the formation of the Alliance of Sahel States (AES). Eventually, three countries withdrew from ECOWAS altogether in 2024, as the BBC reports.