EBID and AFREXIMBANK Sign €50 Million Loan Agreement to Boost Trade and Export Production in West Africa
In a significant move aimed at advancing economic growth and development in West Africa, the African Export-Import Bank (AFREXIMBANK) and the ECOWAS Bank for Investment and Development (EBID) formalised a loan agreement for €50 million during the World Bank Meetings in Marrakech on October 12th, 2023. This arrangement is designed to facilitate on-lending to financial institutions in the region.
The five-year facility is poised to empower EBID to foster trade and export production activities, particularly for Small and Medium-Scale Enterprises (SMEs) operating within the ECOWAS region.
This agreement strongly aligns with EBID’s strategic vision, emphasizing support for local businesses, with a significant focus on SMEs and financial institutions throughout West Africa.
At the core of this collaboration is a shared commitment to driving investment in critical sectors such as agriculture, SMEs, food security, and the agricultural value chain within the ECOWAS Region. The primary goal is to stimulate job creation and enhance the value addition to local raw materials, consequently bolstering foreign exchange generation.
The partnership between EBID and AFREXIMBANK underlines the crucial need for sustained cooperation among African Development Finance Institutions. This collaboration will facilitate the financing of projects that hold substantial promise in driving the economic development of the sub-region and is a testament to the unwavering commitment to bolstering economic growth, regional trade, and integration as well as prosperity within the region.