The military-ruled nations of Burkina Faso, Mali, and Niger are planning to create a new investment bank to reduce their reliance on foreign donors for financing development projects.
The initial capital for the bank will come from a “set of taxes imposed in each state,” an adviser to the Burkina Faso junta leader told Bloomberg, amounting to around 5% of their tax revenues. “We don’t want to find ourselves in a situation where we’re relying on foreign investors, who tell us where to invest and what to invest in,” the adviser said.
The move marks the latest compact between the three junta-led countries since they broke away from the West African economic bloc Ecowas to form the Alliance of Sahel States this year. They are also deepening military cooperation as they dismantle relations with France, and strengthening their economic ties with plans to combine resources for energy, infrastructure, and mining projects.