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ECOWAS Bank for Investment and Development Secures $100 Million Line of Credit for Private Sector Transformation

Sierra Leone Telegraph: March 28, 2022:

Dr. George Agyekum Nana DONKOR, President and Chairman of the Board of Directors of the ECOWAS Bank for Investment and Development (EBID) – (Photo)and Mr. Subhasis Dhal, Managing Director of India Exim Bank, on Thursday, March 24, 2022, signed a landmark commercial line of credit agreement in the amount of $100 million at the London office of India Exim Bank.

The two Financial Institutions, through this line of credit agreement, intend to bring about the impactful transformation of the private sector in the West African sub-region.

During the ceremony, Dr. DONKOR said: “This is a milestone in EBID’s vision to be an effective instrument for poverty reduction, wealth creation and promotion of employment for the well-being of the populations of the ECOWAS sub-region. This facility continues a long-standing partnership between India EXIM and EBID, which began in 2006 with the signing of a $250 million line of credit for public sector projects. To date, there are four Indian credit lines amounting to $1 billion, of which $912 million has been allocated to 39 projects in ECOWAS member states. However, Dr. Donkor noted, “This is the first time that India Eximbank has extended a facility to EBID for financing private sector projects, an indication of the confidence that India Eximbank has in the private sector portfolio. and strategic direction of the Bank”.

For her part, the Managing Director of India Exim Bank, Mrs. Harsha Bangari, said that “this long-term structured line of credit agreed between EBID and India Exim Bank, reflects the strategy and commitment of India Exim Bank to develop a global partnership and evidence of India’s development perspective and friendship towards the African continent, to ensure post-Covid-19 recovery.

Commenting on the already existing relationship between the two organizations, Mr. Saroj Khuntia, Managing Director of Lines of Credit, India Exim Bank, expressed his optimism that this new initiative will provide multiple opportunities to bridge the infrastructure gap and stimulate sustainable economic growth in West Africa. sub-region.

This milestone further establishes EBID as a credible partner with in-depth knowledge of the development finance landscape in West Africa and is poised to effectively transform ECOWAS communities by creating the conditions capable of fostering emergence of a fully integrated restored, empowered and resilient West Africa. both within and within the global economic system.

About India Exim Bank

India Exim Bank was established in 1982 by an Act of Parliament and is wholly owned by the Government of India. It is the main financial institution for coordinating the operation of institutions engaged in the financing of exports and imports. India Exim Bank has over the years played a catalytic role in facilitating India’s integration into the global economy by promoting, financing and facilitating India’s international trade and investment. The Bank’s range of programs have helped Indian companies become competitive and develop a global presence.

About the ECOWAS Bank for Investment and Development (EBID)

The ECOWAS Bank for Investment and Development (EBID) is a leading regional investment and development bank, owned by the fifteen (15) ECOWAS Member States, namely Benin, Burkina Faso, Cape Verde, Ivory Coast, Gambia, Ghana, Guinea. , Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. Based in Lomé, Togolese Republic. The Bank is committed to financing development projects and programs covering various initiatives in the basic infrastructure and equipment, rural development and environment, industry and social services sectors, through its sector windows. private and public. EBID operates through long, medium and short term loans, equity investments, lines of credit, refinancing, financial engineering operations and related services.