ECOWAS Bank Secures 40b Francs Credit To Boost Commerce, Industries In West Africa

By John Ikani 

A line of credit worth 40billion francs CFA has been obtained by the ECOWAS Bank for Investment and Development (EBID) with a view to financing private sector projects that will boost commerce and industries in the 15 ECOWAS member states.

The loan secured from the Bank of Africa Group (BOA Group) marks the commencement of a mutually beneficial partnership between EBID and BOA Group with respect to driving the social development agenda and promoting inclusive economic growth in West Africa.

Speaking during the signing of the loan agreement, President and Chairman of the Board of Directors of EBID, Dr. George Agyekum Donkor said “line of credit from BOA Group will reinforce the capacity of EBID to continue financing private sector- projects in the Bank’s priority intervention areas, notably energy, infrastructure and industries, under the most ideal conditions.”

Representing BOA Group, Mr. Youssef Ibrahim, the Managing Director of BOA-Togo, remarked: “the opening of the XOF 40 billion line of credit to our partner EBID is a proof of the Bank of Africa Group’s commitment to support the financing of the economy of ECOWAS countries impacted by the health crisis that we all know. We will reiterate our commitment as an African bank to support the economy of our countries.”

Based in Lomé, Togolese Republic, the EBID is a leading regional investment and development bank, owned by the 15 ECOWAS Member States, namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.

Experts strongly believe that the partnership between BOA Group and EBID will engender significant opportunities for private sector actors operating in diverse sectors within the fifteen member states of ECOWAS.