AFD grants EBID €50M loan to finance sustainable economic transition in Ecowas

Investments
Wednesday, 29 July 2020 15:04
AFD grants EBID €50M loan to finance sustainable economic transition in Ecowas

(Togo First) - Fifty million Euros (XOF38.2 billion). That is the amount of a loan the Ecowas Bank for Investment and Development (EBID) just received from the French Development Agency (AFD) to support sustainable economic transition within the community. 

The financing agreement was signed between the two parties on July 28, at the EBID’s headquarters in Lomé. 

Through the facility, the EBID and the AFD are working to foster a greater economic and financial integration in the region, as well as contribute to the Ecowas vision 2030. 

According to the AFD, the loan is historical and seals its partnership with the Bank to which it had provided up till yesterday a technical assistance grant amounting to “only” XOF263 million. “This €50 million loan agreement is historical. It is the first credit line we sign and we sincerely hope that this is the beginning of a long cooperation that will enable us to support you in other sectors,” said Maréra MATAR, deputy director of AFD Togo.  

While the newly secured funds should be broadly used to finance the economic transition, concerning the Covid-19 pandemic, in detail they will according to the EBID’s president, Dr. Nana Donkor, be allocated in the power sector and help support businesses in the Ecowas. 

Ayi Renaud Dossavi

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