The AFD and EBID Sign €50m Line of Credit
On July 28 July 2020, the ECOWAS Bank for Investment and Development (EBID) and Agence Française de Développement (AFD) signed a land mark line of credit agreement in the amount of fifty million Euros (€50m), at the headquarters of the Bank in Lomé, Togo. The AFD was represented by the Deputy Managing Director for Togo, Ms. Maréva MATAR while the President of EBID, Dr. George Agyekum Nana DONKOR represented the Bank.
The purpose of the unprecedented agreement between the AFD and the Bank was to support EBID in the implementation of its strategic plan, finance a sustainable economic transition, promote greater economic and financial integration in the West African sub-region, contribute to achieving the ECOWAS Vision 2020 and the financing of economic recovery investments in line with the ECOWAS 2030 Agenda relating to sustainable development in Member States and business community. The AFD facility is also expected to boost EBID post COVID-19 economic recovery efforts in the private sector.
Apart from the line of credit, the AFD granted the Bank the amount of four hundred thousand Euros (€400 000) as technical assistance targeted at capacity building over key activities relating to the implementation of the strategic plan. This grant is the second of such support received from the AFD as EBID had received the amount of five hundred thousand Euros (€500 000) some years ago.
Within the framework of the new partnership, EBID and the AFD will participate in the Summit of Public Development Banks scheduled for November 10 to 12 2020. The meeting will be organized in partnership with the Paris Peace Forum. This major event is expected to bring together all Public Development Banks (BPD) for the first time. The purpose of the meeting is to provide a key platform enabling the institutions concerned, to work together to unlock their full potential and to maximize investments in line with the multilateral sustainable development agenda.