EBID provides €50M credit line to Lomé-based Oragroup

Wednesday, 23 September 2020 16:49
EBID provides €50M credit line to Lomé-based Oragroup

(Togo First) - Lomé-based pan-African banking group Oragroup recently received a credit line of €50 million (around CFA32.8 billion) from the ECOWAS Bank for Investment and Development (EBID). 

The group will use the funds to increase its support to SMEs and SMIs across WAEMU countries. “This refinancing credit line from EBID will help provide 34 SMEs and SMIs with about CFA1.03 billion each, a statement from EBID reads.

The same statement mentions that the credit line is part of its new economic model and its intervention strategy in the private sector. Additionally, the move aimed to help Oragroup boost its expertise by supporting this sector in the subregion. 

The related agreement was inked on Sept. 22, according to a joint statement from both parties involved. It was signed in Lomé by George Agyekum Nana DONKOR, President of EBID, and Ferdinand Ngon Kemoum, CEO Oragroup SA. This was done at the headquarters of EBID.

Let it be recalled that in July this year the EBID also secured a credit line (€50 million coincidentally) from the French Development Agency (AFD) to foster economic and financial integration in the subregion. 

Ayi Renaud Dossavi

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