Benefit agreement between EBID, SMB and Atlantique Finance
The agreement was signed by the President of the Bank, M. Bashir Mamman IFO, the Managing Director of SMB, Mr. Pogabaha Thomas CAMARA and the Managing Director of Atlantique Finance, Mr. Isidore TANOE. The ceremony was witnessed by Management staff of the three institutions.
Specifically, the agreement was in respect of the partial guarantee in the amount of FCFA5 billion of the debenture loan `SMB 6.95% 2010-2016` in the amount of FCFA10 billion which was provided to enable the Société Multinationale de Bitumes (SMB) finance the enhancement of the company’s capacity to produce bitumen and also construct a factory to package bitumen in bags.
EBID committed to supporting the company in view of its importance to the economy of Côte d’Ivoire and through out the West African sub-region. In this regard, developing the activities of SMB will definitely boost growth and contribute to the material well-being of the people.
After signing the agreement relating to the Côte d'Ivoire and Mali (Laboa – Boundiali – Ferkessedougou Phase) electricity network interconnectivity project on 2 September 2011 in Abidjan, Republic of Côte d’Ivoire, today’s ceremony c onfirms the resumption of the activities of EBID in the country which brings the amount of the Bank’s net cumulative commitments in the country to UA101.5 million representing, USD162.3 million or FCFA74 billion. Furthermore, in line with the orientations of the Bank’s 2010-2014 Strategic Plan, the institution is reinforcing its commitment to promoting the economic and social development of ECOWAS Member States.
EBID is an international financial institution that was established in 1999 following the transformation of the erstwhile ECOWAS Fund which was created in 1975 when the ECOWAS Treaty was signed. The main objective of the institution is to contribute to the economic development of West Africa through the financing of ECOWAS and NEPAD projects and programmes in sectors which include transport, energy, telecommunications, industry, poverty reduction, environment and natural resources. EBID commenced its operational activities on 1 January 2004. The Bank comprises two windows one of which focuses on the promotion of the private sector while the other focuses on the development of the public sector.
The Société Multinationale de Bitumes (SMB) , is a limited liability company registered under Ivorian law with a capital in the amount of FCFA4.872 billion. The objective of the company is to refine crude oil with a view to producing and marketing road asphalt and its derivatives, contribute to the modernising, diversifying and intensifying national and and intra regional road networks and also contribute to the expansion of the national employment market. SMB commence its activities in 1976.
The société Atlantique Finance is a Management and Intermediation Company of the Banque Atlantique Group. It was registered under Ivorian law and has a Board of Directors. The capital of the company is in the amount of two million and ten francs (FCFA210.000.000).
Accra, 10th October 2011 For further information, please contact:
Hervé Awidè PANA,
Communication and Marketing Unit – EBID
Tel: (228) 221 68 64
Fax: (228) 221 86 84
Email: apana@bidc-ebid.org
www.bidc-ebid.org
