Commerzbank and EBID sign a loan agreement to support socio-economic development initiatives in West Africa
Commerzbank and the ECOWAS Bank for Investment and Development (EBID) have signed an ECA (Export Credit Agency)-backed facility of EUR 58.5 million on October 26, 2024, in Washington DC, USA.
Ms Brigitte Rethier, Divisional Board Member, Head of Institutional Clients and Transaction Banking Sales and Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID formalised the agreement during a signing ceremony on the sidelines of the IMF/World Bank Group 2024 Annual Meetings.
The loan agreement will support the construction of a cocoa processing plant with 64 000 tonnes per annum capacity in the Republic of Cote d’Ivoire. In his speech, the President and Chairman of the Board of Directors of EBID, emphasised that “the realisation of this Atlantic Cocoa project, will not only create jobs but also boost exports improving the balance of trade in favour of Cote d’Ivoire.” He also noted that Cote d’Ivoire has already experienced remarkable economic improvements and is poised to continue in this direction with a projected GDP growth of 6.4% for 2024.
The President of EBID added that the facility reinforces EBID’s commitment to improving access to resources for ECOWAS Member States to support their efforts towards socio-economic transformation guided by the various National Development Programmes.
The partnership between the ECOWAS Bank for Investment and Development and Commerzbank demonstrates the growing cooperation between regional and international financial institutions to bridge financing gaps and channel competitive resources to finance impactful projects in key sectors throughout the ECOWAS region.
