West Africa: The African Development Bank and the ECOWAS Bank for Investment and Development sign a loan agreement of 50 million dollars and 50 million euros to strengthen regional food security | African Development Bank Group

by MMC
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The African Development Bank Group and the ECOWAS Bank for Investment and Development (EBID) have signed an agreement for a bi-monetary credit line comprising $50 million and €50 million to support businesses local farmers in West Africa.

Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of the EBID, and Solomon Quaynor, African Development Bank Vice President for Private Sector, Infrastructure and Industrialization, formalized the agreement during a signing ceremony at the headquarters of the African Development Bank in Abidjan.

Dr. Donkor said: “This credit facility illustrates EBID’s continued efforts to mobilize adequate resources to deliver on its commitment to the region’s transformation agenda by supporting and investing in key sectors, namely food industry.

The African Development Bank Board of Directors approved the bi-currency credit line for the EBID in early 2023. The Africa Growing Together Fund, managed by the African Development Bank, will provide additional co-financing of 30 million dollars. AGTF is sponsored by the People’s Bank of China.

The three-and-a-half-year facility will enable EBID to offer direct financing to commercial banks and local businesses operating in the agriculture and commodities sector within its member states.

This is in line with EBID’s strategic objective of supporting local businesses, particularly small and medium-sized enterprises (SMEs), local business cooperatives and farmers in West Africa. The credit lines are expected to strengthen food security, economic growth and job creation.

Vice President Quaynor said: “This agreement underlines our strong commitment to harnessing the continent’s limited resources to deliver quality investments quickly and at scale to help close Africa’s ever-growing trade finance gap. , while working with strategic regional partners like EBID and – through you – local commercial banks.

The partnership between the EBID and the African Development Bank demonstrates the growing cooperation among African development finance institutions to close trade finance gaps and direct much-needed funds to economically disadvantaged countries and sectors.

About EBID

ECOWAS Bank for Investment and Development (EBID) is the development financing institution of the Economic Community of West African States (ECOWAS) comprising fifteen (15) member states namely Benin, Burkina Faso, Cape Verde, Ivory Coast , Gambia, Ghana, Guinea, Guinea-Bissau, Liberia. , Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. Headquartered in Lomé, Togolese Republic, the Bank is committed to financing development projects and programs covering various initiatives ranging from basic infrastructure and equipment, rural development and environment, industry and social services , through its private and public sector counters. The EBID intervenes through long, medium and short-term loans, equity investments, lines of credit, refinancing, financial engineering operations and associated services.

www.bidc-ebid.org

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