The loan agreement documents were signed by Mr Bashir M IFO, Acting President of EBID and Mr T.C.A RANGANATHAN, Managing Director of Eximbank India.
Under the terms of the loan agreement, the Government of the Republic of India will grant EBID, a line of credit of US$ 150 000 000. The signing of the loan agreement, which is the second tranche of the second line of credit of US$500,000,000, is a sign of the commitment of the Government and people of the Republic of India to support the ECOWAS Bank in its effort to bring about economic and social development in the Member States of the Community, and to improve the living conditions of the citizenry by financing development projects and programs. The resources will be utilized to finance projects in the sectors of energy, health, infrastructure and water resources, which constitute the basis of sustainable development, and which is in line with the guidelines of the 2010 2014 Strategic Plan of the Bank.
The amount brings the resources of the two lines of credit made available to EBID by the Government and people India to US$ 500 000 000.
EBID, an international financial institution, was established in 1999 following the transformation of the former ECOWAS Fund established in 1975 by the ECOWAS Treaty signed in this same year. It was set up by the Member States of ECOWAS, namely, Benin, Burkina Faso, Cabo Verde, Cote d'Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo.
The main objective of EBID is to contribute to the economic development of West Africa by financing ECOWAS and NEPAD (New Partnership for Africa's Development), which are, among others, the programs relating to transport, energy, telecommunications, industry, poverty reduction, environment and natural resources.
The Bank commenced operations January 1, 2004. It has two windows, one of which is dedicated to the promotion of the private sector, while the other one finances the public sector.
New Delhi, India, on July 21, 2011
Hervé Awidè PANA,
Communication and Marketing Unit – EBID
Tel: 00228 221 68 64