The ECOWAS Bank for Investment and Development (EBID) continues its commitment to fostering economic growth and development in the ECOWAS region through strategic investments.
Today, Dr George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, signed three separate finance agreements with Baraka, SOCIETE NIANGADOU DISTRIBUTION COMPAGNIE (NDC), and Access Bank Plc.
These agreements, amounting to a total of USD30 million and Euros 20 million, aim to support various sectors and initiatives in the region.
The first agreement involves an extension of a EUR 10 million facility to Baraka, aimed at enhancing the company’s capacity to finance the supply of petroleum products to marketers and mining companies in the Republic of Mali.
This follows a previous agreement in 2022, where EBID extended a facility of EUR 7 million to Baraka SBP for the acquisition of tanker trucks, expanding the company’s fleet to meet the growing demands of the Malian economy.
The second agreement focuses on enabling SOCIETE NDC SAU to expand its interventions in the energy sector of Mali as a petroleum product supplier.
It provides a revolving facility of EUR 10 million for the importation and marketing of petroleum products.
These agreements demonstrate EBID’s commitment to supporting projects in both the private and public sectors in Mali, with a cumulative commitment of 281 billion FCFA.
The third agreement involves a credit line of $30 million to Access Bank Plc in Ghana, dedicated to on-lending to Small and Medium Enterprises (SMEs) in the agricultural business and related sectors, including processing, infrastructure, transport, and women-owned businesses.
This initiative aims to boost the agricultural sector and promote economic empowerment for SMEs in Ghana.
Speaking at the signing ceremony, Dr George Agyekum Donkor highlighted the significance of these agreements in supporting the growth poles of ECOWAS Member States.
He emphasized the importance of ensuring a consistent supply of petroleum products to sustain key economic activities, particularly in sectors such as industry and mining.
Dr Donkor urged stakeholders to utilize these facilities effectively to foster the transformation of ECOWAS communities.
Representatives from each company expressed their appreciation and commitment to utilizing the financing to drive growth, enhance operations, and contribute to the development of their respective sectors.
Mr. Sadio Bathily, Managing Director of Baraka, Mr. Mamadou Niangadou, Chief Executive Officer of SOCIETE NDC SAU of Mali, and Mr. Olumide Olatunji, Managing Director of Access Bank Plc, expressed their gratitude to EBID for the financial support.
As a leading regional investment and development bank, EBID remains dedicated to its mandate of promoting economic and social development in the ECOWAS region.
Through its private and public sector windows, the bank intervenes through various financial instruments and services to support developmental projects and programs.
These recent loan agreements signify EBID’s ongoing efforts to provide financial solutions that spur private sector development and contribute to the sustainable growth of the region.