ECOWAS Bank Signs $30M Credit Line With Access Bank
ECOWAS Bank for Investment and Development (EBID) has signed a credit line of $30 million with Access Bank Plc in Ghana to boost Small and Medium Enterprises (SMEs) in the agricultural business and related sectors, including processing, infrastructure, transport, and women-owned businesses in the West African country.
According to a statement from the bank on Wednesday, “On the sidelines of the 30th Annual Meetings of the Afreximbank, the President and Chairman of the Board of Directors of the ECOWAS Bank for Investment and Development (EBID), Dr. George Agyekum Donkor, has signed three separate finance agreements with three companies namely Baraka, Societe Niangadou Distribution Compagnie (NDC)
and Access Bank Plc on Tuesday, June 20, 2023, in Accra, Ghana.”
The finance agreement with Access Bank Plc in Ghana is 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.
The statement said “Dr George Agyekum Donkor, President of EBID, emphasized that the signing of these agreements aligns with the bank’s strategic orientation to invest in the growth poles of ECOWAS Member States. He highlighted Mali as a landlocked, non-oil-producing country heavily dependent on fuel transported by tankers from neighboring countries.
“Dr Donkor stressed the importance of ensuring a consistent supply of petroleum products to support key economic activities, particularly in sectors such as industry and mining. He urged all stakeholders to utilize these facilities effectively to foster the transformation of ECOWAS communities.”
ECOWAS Bank for Investment and Development (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. Based in Lomé, Togolese Republic, the Bank 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.