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 signing 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. The agreement is expected to have a positive impact on the Sahel region, with a focus on job creation, local value addition, and skills transfer.
Prime Minister Ouédraogo emphasized the importance of translating this partnership into concrete projects that benefit the populations of the Sahel region. He stressed that the success of this partnership will be measured by its impact on the lives of the people, and that the focus should be on creating jobs, promoting local value addition, and transferring skills. The Prime Minister 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.
According to BCID-AES President, Balibié Serge Auguste Bayala, the cooperation will primarily focus on capacity building, structuring investment projects, and joint financing of major confederal projects. The two institutions also plan to explore ways to facilitate payment means related to commercial exchanges. Bayala described the agreement as a framework that is not limited but sets the stage for future deepening of the partnership.
The President of BCID-AES highlighted the needs of the Confederation, including energy, agriculture, production transformation, and infrastructure development. He emphasized the complementarity between access to energy, increased production, and the development of storage and transformation capacities. The development of roads, railways, and transport corridors is also crucial for the transportation of goods and the growth of exchanges.
Russian Deputy Prime Minister, Alexandre Novak, reaffirmed his country's commitment to strengthening commercial cooperation and investments with AES member states, while supporting socially impactful projects. Through this memorandum, VEB.RF becomes the first international partner of BCID-AES. The AES now aims to translate this cooperation framework into structuring projects that create jobs and promote skills transfer for the benefit of the Confederation's populations.
The new partnership between Burkina Faso, through BCID-AES, and Russia, through VEB.RF, marks a significant step in strengthening economic ties between the two nations. The implementation of this agreement will be closely watched, as it has the potential to drive growth and development in the Sahel region.
Key points
- The partnership aims to foster economic and commercial exchanges between Russia and AES member states.
- The agreement focuses on job creation, local value addition, and skills transfer in the Sahel region.
- VEB.RF becomes the first international partner of BCID-AES through this memorandum.
