The ECOWAS Bank for Investment and Development (EBID) has obtained a line of credit worth forty billion francs CFA from the Bank of Africa Group (BOA Group) for the financing of private sector projects aimed at boosting commerce and industries in the fifteen ECOWAS member-states.
Signing the loan agreement marks the commencement of a mutually beneficial partnership between EBID and BOA Group with respect to driving the social development agenda and promoting inclusive economic growth in West Africa.
During the momentous occasion, the President and Chairman of the Board of Directors of EBID, Dr. George Agyekum Donkor stated: “In view of diversifying EBID’s resource portfolio, this line of credit from BOA Group will reinforce the capacity of EBID to continue financing private sector projects in the Bank’s priority intervention areas; notably energy, infrastructure and industries, under the most ideal conditions.”
Representing BOA Group, Mr. Youssef Ibrahimi – Managing Director of BOA-Togo, remarked: “Opening the XOF 40 billion line of credit to our partner EBID is a proof of the Bank of Africa group’s commitment to support financing for the economies of ECOWAS countries impacted by the health crisis that we all know. We reiterate our commitment as an African bank to support the economies of our countries.”
The partnership between BOA Group and EBID will engender significant opportunities for private sector actors operating in diverse sectors within the fifteen member-states of ECOWAS.
ECOWAS Bank for Investment and Development (EBID) is a leading regional investment and development bank, owned by the fifteen (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.
EBID intervenes through long-, medium- and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations and related services.
Since 2010, BANK OF AFRICA GROUP has been majority-owned by BMCE Bank (whose name recently changed to BANK OF AFRICA), the 3rd largest bank in Morocco. BMCE Bank brings strong strategic and operational support to BANK OF AFRICA Group, as well as direct access to international markets in view of its presence in Europe and Asia.
Established over 35 years ago in Mali, BOA Group currently has a total of about 6,000 employees. In the year ended 31 December 2020, the Group recorded a consolidated balance sheet of €8.7billion and consolidated net income of €102.7 million.
