The ECOWAS Bank for Investment and Development (EBID) has obtained a line of credit worth forty billion francs CFA ($69.815million) from the Bank of Africa Group (BOA GROUP) for the financing of private sector projects aimed at boosting commerce and industries in the fifteen ECOWAS
member states.
The signing of the loan agreement 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.
ECOWAS Bank for Investment and Development (EBID) is a leading regional investment and development bank, owned by the fifteen ECOWAS Member States. It is committed to financing developmental projects and programmes covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and
social services sectors, through its private and public sector windows.
Speaking at the signing ceremony, President and Chairman of the Board of Directors of EBID, Dr. George Agyekum DONKOR, said: “In view of diversifying EBID’s resource portfolio, this 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.”
The representative of BOA GROUP, Mr. Youssef IBRAHIMI, who also doubles as the Managing Director of BOA-TOGO, stated that “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”
Analysts say 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.
