ECOWAS Bank for Investment and Development, EBID, the regional development bank for the ECOWAS sub-region (Economic Community of West African States), and ODDO BHF AG, the Franco-German financial services group with a longstanding track record and expertise in ECA financing, have signed a framework agreement.
Dr. George Donkor, President of EBID, and Florian Witt, Head of International & Corporate Banking at ODDO BHF, sealed this new partnership between the two entities via video conference.
The framework agreement consists of an uncommitted credit line of €40 million provided by ODDO BHF AG to EBID under which individual loan agreements can be concluded.
Its scope is flexible as it is designed for project-related transactions throughout the ECOWAS region, which include supplies from Europe officially supported by export credit agencies (ECAs) like Atradius of the Netherlands, Bpifrance Assurance Export of France or Euler Hermes of Germany.
This cooperation between EBID and ODDO BHF AG is an important contribution to promoting the development of various industrial sectors in the ECOWAS region.
It aims to further strengthen the prospects for small and medium scale enterprises and industries to enable them to contribute to the growing economy and generate employment. Both financing partners are already in advanced discussions on various projects in areas such as renewable energy, agribusiness and pharmaceutical production.
During the official signing ceremony, Dr. George Donkor, President of EBID, stated, “The credit facility illustrates the commitment of the two institutions to the region’s transformation agenda through sustainable support to the vital sector of agribusiness.”
Florian Witt, Head of International & Corporate Banking at ODDO BHF, reiterated: “ODDO BHF AG, with its International Banking Division and its strong focus on Africa, has been supporting the West African region for many years and is very much looking forward to working with the ECOWAS Bank for Investment and Development.”
ODDO BHF is a Franco-German financial group whose history goes back over 170 years. The Group evolved from a French family-owned bank and a German private bank focused on the Mittelstand. ODDO BHF employs 2,300 people, manages client assets of over €100 billion and is active in Private Wealth Management, Asset Management and Corporates & Markets in France as well as in Germany. Around 65% of the Group’s capital is held by the Oddo family, and around 25% by its employees. This cooperative partnership is a guarantee for high long-term employee commitment. In 2019, net income from ODDO BHF’s banking business amounted to €585 million. The Group’s consolidated equity amounted to €890 million as of December 31, 2019.
The ECOWAS Bank for Investment and Development (EBID) is a leading regional investment and development bank, based in Lomé, Togolese Republic. Over the past 4 decades, EBID has invested approximately 2.8 billion USD in inter- and intra-regional development programs covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, social sectors, and services. EBID intervenes through long-, medium-, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations and services.