Trade: ECOWAS gets a dual-currency credit line from AfDB

Thursday, 02 February 2023 15:27
Trade: ECOWAS gets a dual-currency credit line from AfDB

(Togo First) - The ECOWAS Bank for Investment and Development (EBID) recently secured a dual-currency line of credit from the African Development Bank (AfDB). The facility, comprising $50 million and €50 million, will finance trade within ECOWAS. 

The AfDB’s board approved the credit line on January 24, in Abidjan. An additional co-financing of $30 million will come through the Africa Growing Together Fund (AGTF) from the People’s Bank of China. 

Agriculture, infrastructure, and transport

On its website, AfDB wrote: “EBID will use the three-and-a-half-year facility to provide direct financing to local corporates. Part of the facility will also be channeled through select local banks for on-lending to key sectors such as agriculture, infrastructure, and transport. The ultimate beneficiaries will be Small and Medium-sized Enterprises (SMEs), local enterprises cooperatives, and farmers in the West Africa region.”

Based in Lomé, Togo, EBID is the financial arm of the ECOWAS. Its member States are Benin, Burkina Faso, Cape Verde, Côte d'Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo.

Ayi Renaud Dossavi

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