ECOWAS Bank for Investment and Development signs 3 loan agreements totalling $30m, 20m euro with 3 coys

On the side lines of the 30th Annual Meetings of the Afreximbank, the President and Chairman of the Board of Directors of the ECOWAS Bank for Investment and Development (EBID), Dr George Agyekum Donkor, has signed three separate finance agreements with three companies namely Baraka, SOCIETE NIANGADOU DISTRIBUTION COMPAGNIE (NDC) and Access Bank Plc on Tuesday June 20, 2023, in Accra (Ghana). 

The first agreement entails an extension of facility amounting to EUR 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 EUR 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 EUR 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. 

The President of EBID emphasised 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 neighbouring 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 utilize these facilities effectively to foster the transformation of ECOWAS communities. 

Representatives from each company, including Mr. Sadio Bathily, Managing Director of Baraka, Mr. Mamadou Niangadou, Chief Executive Officer of SOCIETE NDC SAU of Mali, and Mr. Olumide Olatunji Managing Director of Access Bank Plc, expressed their appreciation and commitment to utilising 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.