Finance and economy ministers from the Alliance of Sahel States (AES) have agreed to fast-track the launch of a new regional financial institution aimed at bolstering economic sovereignty and reducing dependence on external donors,following their exit from regional bloc Ecowas.
In a recent meeting in Niamey,officials from Burkina Faso,Mali,and Niger reached consensus on releasing the initial capital required to operationalize the Confederal Bank for Investment and Development (BCID-AES).
The bank is expected to play a central role in financing infrastructure and development projects across the AES bloc.
The initiative follows the formal withdrawal of the three countries from the Economic Community of West African States (ECOWAS) earlier this year. Their departure marked a significant geopolitical shift in West Africa,as the AES seeks to assert greater autonomy in political and economic affairs.
Mali’s Finance Minister,Alousséni Sanou,described the BCID-AES as more than a conventional financial institution,calling it a strategic tool for long-term transformation. “This bank must be a genuine instrument of economic sovereignty,” Sanou said,urging citizens to support the initiative and its mission.
The AES was formed in 2023 as a response to growing tensions between the military-led governments of Burkina Faso,and Niger and ECOWAS,which had imposed sanctions and suspended the countries following coups in each nation. The alliance has since positioned itself as an alternative regional framework,emphasizing self-reliance and cooperation outside traditional West African structures.
According to an official communique released after the ministerial meeting,the three governments will intensify consultations to finalize legal frameworks and foundational studies necessary for the bank’s launch. The BCID-AES is expected to mobilize local resources,reduce reliance on foreign aid,and serve as a cornerstone of the bloc’s economic strategy.
The move comes amid broader efforts by the AES to establish parallel institutions and mechanisms that reflect its break from ECOWAS. In recent months,the alliance has announced plans for joint military cooperation,agricultural initiatives,and now a regional development bank.
While the timeline for the bank’s full operationalization remains unclear,officials emphasized urgency and political will to ensure its swift rollout. The BCID-AES is set to become a key pillar in the AES’s vision for regional self-determination and economic resilience.
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