The ECOWAS Bank for Investment and Development (EBID) has obtained a line of credit worth 40 billion francs CFA from the Bank of Africa Group (BOA GROUP) to finance private sector projects aimed at boosting commerce and industries in the 15 ECOWAS member states.

The signing of the loan agreement marks the commencement of a mutually beneficial partnership between EBID and BOA GROUP to drive the social development agenda and promoting inclusive economic growth in West Africa, an official statement said.

The President and Chairman of the Board of Directors of EBID, Dr. George Agyekum DONKOR, said: “In view of diversifying EBID’s resource portfolio, this line of credit from BOA GROUP will reinforce the capacity of EBID to continue financing private sector- projects in the Bank’s priority intervention areas, notably energy, infrastructure, and industries, under the most ideal conditions”.

Representing BOA GROUP, Mr. Youssef IBRAHIMI, the Managing Director of BOA-TOGO, remarked: “the opening of the XOF 40 billion line of credit to our partner EBID is a proof of the BANK OF AFRICA group’s commitment to supporting the financing of the economy of ECOWAS countries impacted by the health crisis that we all know.

“We will reiterate our commitment as an African bank to support the economy of our countries,” he added.

He said the partnership between BOA GROUP and EBID would engender significant opportunities for private sector actors operating in diverse sectors within the 15 member states of ECOWAS.

BANK OF AFRICA Group (BOA Group) is currently present in 18 countries: eight in West Africa (Benin, Burkina Faso, Côte d’Ivoire, Ghana, Mali, Niger, Togo, and Senegal), eight in East Africa and the Indian Ocean region (Burundi, Djibouti, Ethiopia, Kenya, Madagascar, Uganda, Rwanda, Tanzania), the Democratic Republic of Congo and France.

Since 2010, BANK OF AFRICA Group has been majority-owned by BMCE Bank (whose name recently changed to BANK OF AFRICA), the 3rd largest bank in Morocco.