ECOWAS Bank for Investment and Development (EBID) has signed three loan agreements totaling $30 million and euros 20 million with three companies.

This took place on the side lines of the 30th Annual Meetings of Afreximbank.

The President and Chairman of the Board of Directors of the EBID, Dr. George Agyekum Donkor, signed the three separate finance agreements with three companies namely Baraka, Societe Niangadou Distribution (NDC) and Access Bank Plc.

The first agreement entails an extension of facility amounting to euro 10 million, aimed at increasing Baraka's capacity to finance the supply of petroleum products to marketers and mining companies in the Republic of Mali. This follows a previous agreement in 2022, where EBID extended a facility of euro 7 million to Baraka SBP for the acquisition of 47 tanker trucks, expanding the company's fleet to meet the growing demands of the Malian economy.

The second agreement focuses on enabling SOCIETE NDC SAU to expand its interventions in the energy sector of Mali as a petroleum product supplier. It provides a revolving facility of euro 10 million for the importation and marketing of petroleum products.

Together, these two agreements demonstrate EBID's commitment to supporting projects in both the private and public sectors in Mali, with a cumulative commitment of 281 billion FCFA.

The third agreement involves a credit line of $30 million to Access Bank Plc in Ghana, 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.

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 utilise these facilities effectively to foster the transformation of ECOWAS communities.

Representatives from each company, including Sadio Bathily, Managing Director of Baraka; Mamadou Niangadou, Chief Executive Officer of SOCIETE NDC SAU of Mali, and 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 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, Togo, 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.