EBID Signs €18.032m Loan Agreement with Mali Private Sector

EBID Signs €18.032m Loan Agreement with Mali Private Sector
Left : Managing Director of SOYATT, Mr. Mamadou Yattassaye. Right: President of EBID, Dr. George Agyekum Nana Donkor

On Monday, 17th February 2020, the ECOWAS Bank for Investment and Development (EBID) represented by the President, Dr. George Agyekum Nana DONKOR, signed three private sector loan agreements at the headquarters of the Bank in Lome, in the amount of eighteen million thirty-two thousand Euros (€18.032m) with two companies in Mali namely, Société YATTASSAYE & COMPAGNIE (SOYATT SA) represented by its Managing Director, Mamadou YATTASSAYE, and with Société de transport de KARTA (SOTRAKA SA), represented by it Executive Chairman, Mr. Mr. Dondou N’DAOU.

The (2) agreements with SOYATT were in the amounts of ten million Euros (€10 000 000) and five million Euros (5 000 000) respectively, for the importation and supply of petroleum products to TOTAL and VIVO ENERGY in Mali and the procurement of forty (40) tank trucks. The ten million Euros (€10 000 000) line of credit was a conventional loan whilst the five million (5 000 000) facility was negotiated under a Murabaha framework agreement with the Islamic Development Bank (IDB).

Left : Chief Executive Officer of SOTRAKA, Mr. Dondou N’daou. Right: President of EBID, Dr. George Agyekum Nana Donkor

Prior to the recent loan agreements with SOTRAKA and SOYATT, the EBID’s commitments in the Republic of Mali as at September 2019 amounted to UA143 209 414 ($195 921 935.10) of which UA81 371 691 ($111 322 983.02) was in favour of public sector projects and UA61 918 723 ($84 709 766.56) was for private sector projects.  The Bank’s areas of intervention in the country cover Energy, Industry, Infrastructure, Refinancing, Rural Development and Telecommunications.With regard to SOTRAKA, EBID supported the company with a line of credit in the amount of three million thirty-two thousand Euros (€3 032 000) for the procurement of fifteen (15) tank trucks and ten (10) tractors for transporting and distributing petroleum products in Mali.

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