ECOWAS Bank for Investment and Development (EBID) has entered into a credit line agreement worth $30 million with Access Bank Plc in Ghana to support Small and Medium Enterprises (SMEs) involved in the agricultural sector and its related industries. The aim is to boost agricultural businesses and sectors such as processing, infrastructure, transport, and women-owned enterprises in Ghana.
Additionally, EBID has signed separate finance agreements with two other companies, Baraka and Societe Niangadou Distribution Compagnie (NDC). The signing ceremony took place on June 20, 2023, in Accra, Ghana, during the 30th Annual Meetings of the Afreximbank.
The first agreement focuses on Baraka, and it involves an extension of a facility totaling EUR 10 million. This funding will enable Baraka to enhance its capacity to supply petroleum products to marketers and mining companies in the Republic of Mali. It should be noted that EBID had previously extended a facility of EUR 7 million to Baraka SBP in 2022, which enabled the acquisition of 47 tanker trucks. This move expanded Baraka’s fleet to meet the growing demands of the Malian economy.
The second agreement pertains to Societe NDC SAU and aims to expand its operations in the energy sector of Mali as a supplier of petroleum products. It provides a revolving facility of EUR 10 million for the importation and marketing of petroleum products.
These two agreements demonstrate EBID’s commitment to supporting projects in both the private and public sectors in Mali, with a cumulative commitment of 275 billion FCFA.
The third agreement involves a credit line of $30 million to Access Bank Plc in Ghana. This credit line is dedicated to on-lending to SMEs operating in the agricultural sector and related industries, including processing, infrastructure, transport, and women-owned businesses.
Dr. George Agyekum Donkor, the President of EBID, emphasized that these agreements align with the bank’s strategic orientation to invest in the growth areas of ECOWAS Member States. He highlighted the significance of a consistent supply of petroleum products to support key economic activities in Mali, particularly in sectors such as industry and mining. Dr. Donkor urged all stakeholders to effectively utilize these facilities to foster the transformation of ECOWAS communities.
Representatives from each company, including 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 appreciation and commitment to utilizing the financing to drive growth, enhance operations, and contribute to the development of their respective sectors.
The ECOWAS Bank for Investment and Development remains dedicated to its mandate of promoting economic and social development in the ECOWAS region through strategic investments and partnerships. These agreements signify EBID’s ongoing efforts to provide financial solutions that spur private sector development and contribute to the sustainable growth of the region.
EBID, a leading regional investment and development bank, is owned by the 15 ECOWAS Member States, including Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The 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 developmental projects and programs covering various sectors, such as infrastructure, rural development, industry, and social services, through its private and public sector windows. It provides long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations, and related services to facilitate economic growth and development.