EBID Grants EUR 10 million Loan Facility to ECO Oil of Burkina Faso
The ECOWAS Bank for Investment and Development (EBID) on Thursday November 10, 2022, signed a 10 million EUR loan agreement with ECO Oil of Burkina Faso. The EBID short term loan facility will go to enhance the distribution of petroleum products to Burkina Faso and Niger, by ECO Oil’s sister companies.
The loan is a short-term line of credit for a duration of twelve months and will facilitate the implementation of contracts for the provision of petroleum products by AMKO Trading, sister company of ECO Oil to its clients, SONABHY (Burkina Faso) and SONIDEP (Niger).
EBID President, Dr. George Agyekum Donkor who signed the agreement for the bank, said it is critical for companies in the oil sector to boost their operations to meet the demands of the population. He said as the sub-region recovers from the COVID-19 pandemic the demand for petroleum products for automotive and fuel driven power has increased, compelling companies in the sector to boost their operations. He expressed the hope that the facility would be applied appropriately and efficiently.
Mr. Moussa Koanda, Chairman of ECO Oil signed for the company.
Also present at the event was Mr. Konate, Director General of ECO Oil.