BURKINA FASO – The Alliance of Sahel States (AES) comprising of Mali, Burkina Faso and Niger, on Wednesday Dec. 17, announced the establishment of an investment and development bank.

The bank will help in financing major infrastructure and economic initiatives across the region.

Burkina Faso’s Economy, Finance and Planning Minister Aboubakar Nacanabo announced the completion of the establishment process with an initial capital of $895 million, following a meeting with finance ministers from the three countries.

AES had unveiled plans in May to form a regional investment bank to support large-scale projects and strengthen financial independence.