The ECOWAS Bank for Investment and Development (EBID) has signed three loan agreements with three companies; namely Baraka, Societe Niangadou Distribution Compagnie (NDC) and Access Bank Plc.

In a statement issued by EBID, the bank said the signing of the three separate finance agreements took place on the side lines of the 30th Annual Meetings of the Afreximbank in Accra, between Dr George Agyekum Donkor, the President and Chairman of the Board of Directors of the EBID and the representatives of the three companies.

EBID noted that the first agreement entails an extension of facility amounting to €10 million, aimed at increasing Baraka’s capacity to finance the supply of petroleum products to marketers and mining companies in Mali.

It noted that this follows a previous agreement in 2022, where EBID extended a facility of €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 statement added that the second agreement focused on enabling Societe NDC SAU to expand its interventions in the energy sector of Mali as a petroleum product supplier. It said the facility provides a revolving facility of €10 million for the importation and marketing of petroleum products.

EBID indicated that, 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.

Credit Line of $30 million to Access Bank PLC

The statement added that 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.

Dr Donkor emphasized 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 neighboring countries.

Dr Donkor highlighted 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 Ghana, expressed their appreciation and commitment to utilizing the financing to drive growth, enhance operations, and contribute to the development of their respective sectors.

EBID noted in the statement it remains dedicated to its mandate of promoting economic and social development in the ECOWAS region through strategic investments and partnerships.

It stated that 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.

The EBID is a leading regional investment and development bank, owned by the 15 ECOWAS Member States, namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.

Based in Lomé, Togo, the Bank is committed to financing developmental projects and programmes covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows.

EBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations, and related services.