EBID Grants EUR 50 million to VISTA GROUP HOLDING
The ECOWAS Bank for Investment and Development (EBID) has signed a loan agreement totalling EUR 50 million with VISTA GROUP HOLDING. The signing ceremony was held on October 12, 2023, in Marrakech, Morocco, on the sidelines of the World Bank/IMF Group Annual Meetings.
The facility is earmarked to support the expansion of the activities of Small and Medium-sized Enterprises (SMEs) located within the ECOWAS region. It is in line with EBID’s strategy 2021-2025 which aims to provide more resources for the private sector and to promote economic growth by investing in key sectors and industries in the ECOWAS member states.
The goal of the line of credit is to improve the ability of SMEs to respond to the growing demands of the population in terms of consumer goods, agribusiness, technology etc. while continuing to build regional value chains for durable socio-economic development.
EBID’s provision of this loan is a pivotal step toward significantly enhancing access to financial resources for SMEs operating in the sub-region. This reaffirms EBID’s unwavering commitment to delivering financial solutions that foster the sustainable growth of the region, create jobs, and improve the wellbeing of vulnerable populations, within the framework of its mandate.