VIII. Trade and Project Financing Brief description of Banking System: Mali has six commercial banks which are wholly or mostly privately owned. Bamako also has a national branch of the Francophone West African Central Bank. Foreign Exchange Controls affecting trading: There are no controls. However the West African Central Bank will not repurchase franc notes taken outside the zone. The cfa franc is a convertible currency whose exchange rate is pegged to the French franc at a ratio of 100 cfa francs to one French franc since January 1994, when it was devalued by 50 per cent. General Financing Availability: Tight credit policies by Malian banks make local financing difficult to obtain if a firm is not an established customer. High interest rates which had been used to support the overvalued cfa have recently begun to come down. How to finance exports: Local buyers can sometimes obtain local bank financing (revolving lines of credit and letters of credit). Malian firms have not utilized Eximbank financing. Types of Available Export Financing and Insurance: Eximbank and OPIC financing and insurance programs are available to assist U.S. firms seeking to do business in Mali. Project Financing Available: Most development projects are funded by foreign donors. U.S. firms can bid on projects funded by multilateral development banks,USAID and on some projects funded by other bilateral donors. Multilateral Development Banks: The International Bank for Reconstruction and Development (IBRD), a member of the World Bank group makes long-term loans at market- related rates primarily to developing nations. The International Development Agency (IDA), the soft loan window of the World Bank, lends to the poorest of the development countries. Both the IBRD and IDA work to promote broadly based economic growth and frequently focuses on structural adjustment, sectoral reform and individual project lending and operate under the same set of procurement guidelines. Typically the World Bank does not finance the entire cost of a project. Rather, it finances the components of a project purchased with foreign exchange, which on average is about 40 per cent of the total project cost. Each project may cover a wide variety of sectors and can involve anywhere from one to hundreds of separate contracts providing export business opportunities for suppliers worldwide. CONTACTS: U.S. Department of Commerce Liaison to the U.S. Executive Directors Office International Bank for Reconstruction and Development 1818 H. St., NW Washington D.C. 20433 Tele: (202) 458-0118 Fax: (202) 477-2967 Office of Multilateral Development Banks U.S. Foreign Commercial Service U.S. Department of Commerce Room H-1107 Washington D.C. 20230 Tele: (202) 482-3399 Fax: (202) 273-0927 The African Development Bank (AFDB), headquartered in Abidjan, Cote d'Ivoire, is an international financial institution created by Africans in 1963 to promote the economic and social development of its member African countries. Founded with initial capital resources of USD 250 million, it has authorized capital today of over USD 22.3 billion. The bank belongs to the African Development Bank Group (ADBG) which also includes the African Development Fund (ADF) and the Nigerian Trust Fund (NTF). The AFDB makes loans to development projects in 51 countries in Africa. The ADB provides development financing on concessionary terms to the poorer African member countries. The NTF was established by the Government of Nigeria in 1976 to assist in the development efforts of the poorer ADB members. The ADFB has 21 non-regional members. The United States joined in 1982. CONTACTS: U.S. Department of Commerce Liaison Office to the U.S. Executive Directors Office African Development Bank Ave. Joseph Anoma 01 B.P. 1387 Abidjan 01, Cote D'Ivoire Tele: (225) 21-46-16 Fax: (225) 22-24-37 Office of Multilateral Development Banks U.S. & Foreign Commercial Service U.S. Department of Commerce Room H-1107 Washington, D.C. 20230 Tele: (202) 482-3399 Fax: (202) 273-0927 List of Banks with correspondent U.S. Banking: Citibank is the U.S. correspondent for Mali's bank of Africa, Banque du Developpement du Mali, Banque Malienne du credit et depots and Meridien-Biao.