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.
The signing of 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, the Managing Director of BOA-TOGO, remarked: “the opening of the XOF 40 billion line of credit to our partner EBID is a proof of the BANK OF AFRICA group’s commitment to support the financing of the economy of ECOWAS countries impacted by the health crisis that we all know. We will reiterate our commitment as an African bank to support the economy 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.
?*** ABOUT EBID 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. Based in Lomé, Togolese Republic, the Bank is committed to financing developmental projects and programs covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows. EBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations and related services. www.bidc-ebid.org
ABOUT BANK OF AFRICA GROUP
BANK OF AFRICA Group (BOA Group) is currently present in 18 countries: 8 in West Africa (Benin, Burkina Faso, Côte d’Ivoire, Ghana, Mali, Niger, Togo and Senegal), 8 in East Africa and the Indian Ocean region (Burundi, Djibouti, Ethiopia, Kenya, Madagascar, Uganda, Rwanda, Tanzania), the Democratic Republic of Congo and France.
The BOA Group network of 17 commercial banks, 1 global holding company, 2 regional holding companies, 1 investment company, 2 technical support subsidiaries, 2 processing and IT support companies, and 1 representative office in Addis Ababa. 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 8.7 billion Euros and consolidated net income of 102.7 million Euros www.bankofafrica.net
Press Contact COMMUNICATION AND EXTERNAL RELATIONS UNIT
Angelo Dadzie adadzie@bidc-ebid.org +228 22 21 68 64
Press Contact Marketing and corporate communication department
René M. GUERARD rguerard@boatogo.com +228 22 53 62 62
