On October 28, 2026, Burkina Faso's Prime Minister, Rimtalba Jean Emmanuel Ouédraogo, attended a ceremony in Moscow where a memorandum of understanding was signed between the Confederation of Sahel States' (AES) Bank for Investment and Development (BCID-AES) and Russia's state-owned development company, VEB.RF. The agreement aims to foster economic and commercial exchanges, as well as investments, between Russia and AES member states. The ceremony took place on the sidelines of the Russia-Africa Economic and Humanitarian Forum.
The memorandum was signed by BCID-AES President, Balibié Serge Auguste Bayala, and VEB.RF Vice-President, Daniil Algoulian, in the presence of Russian Deputy Prime Minister, Alexandre Novak. The partnership establishes a framework for cooperation, focusing on sharing experiences between development institutions, intensifying commercial exchanges, and implementing projects in priority sectors. Prime Minister Ouédraogo emphasized the importance of this engagement, highlighting its potential to benefit the Sahel region's populations.
The Prime Minister stressed that the partnership's success will be measured by its impact on the lives of Sahelian populations, emphasizing the need for local value-added projects, job creation, and skills transfer. He urged the two institutions to quickly implement the memorandum, proposing the designation of focal points and aiming to sign the first project within 12 months. Simple and rapid procedures are expected, along with an annual joint review.
According to BCID-AES President Balibié Serge Auguste Bayala, the cooperation will primarily focus on capacity building, project structuring, and joint financing of major confederal projects. The two institutions also plan to explore ways to facilitate payment methods for commercial exchanges. Bayala described the agreement as a framework that is not limiting but sets the stage for future deepening.
The BCID-AES President identified key areas of need for the Confederation, including energy, agriculture, production transformation, and infrastructure development. He emphasized the importance of complementarity between access to energy, increased production, and the development of storage and transformation capacities. Transportation infrastructure, such as roads, railways, and corridors, is also crucial for the movement of goods and development of exchanges.
Russian Deputy Prime Minister Alexandre Novak reaffirmed his country's commitment to strengthening commercial cooperation and investments with AES member states, supporting socially impactful projects. This partnership marks VEB.RF as the first international partner of BCID-AES. The AES now aims to translate this cooperation framework into concrete, job-creating projects that promote skills transfer for the benefit of Sahel populations.
The new partnership between BCID-AES and VEB.RF is expected to unlock new economic opportunities for the Sahel region. Both parties will work together to identify priority projects and facilitate their implementation. The success of this cooperation will depend on the effective implementation of projects and the impact they have on the lives of Sahelian populations.
Key points
- The partnership between BCID-AES and VEB.RF aims to foster economic and commercial exchanges between Russia and AES member states.
- The cooperation will focus on capacity building, project structuring, and joint financing of major confederal projects.
- The partnership is expected to create jobs and promote skills transfer in the Sahel region.
