EBID Signs FCF4bn Loan Agreement with FIDELIS FINANCE, Burkina Faso
On Tuesday, 6th August 2019, the ECOWAS Bank for Investment and Development (EBID) represented by the President, Mr. Bashir Mamman IFO, signed a line of credit agreement in the amount of four billion francs (FCFA4bn) equivalent to six million seven hundred and seventy-two thousand four hundred and twenty-one United States dollars (US$6 772 421) with FIDELIS FINANCE, Burkina Faso, at the headquarters of the Bank in Lome. The company was represented by the Managing Director, Mr. Abdoulaye SORI
The facility extended to FIDELIS FINANCE is in line with EBID’s new economic model and intervention strategy in the private sector which focuses on providing appropriate financial support to bankable local projects from small and medium scale enterprises and industries to enable them contribute to growing the economy and generate employment.
The line of credit signed today with FIDELIS FINANCE is the is the fourth of its kind with the company and it is earmarked for the pipeline of projects identified in Burkina Faso and Côte d’Ivoire within sectors such as transport and storage facilities, industry, trade and services, lives stockbreeding, education and hotel business through which an average of seven (7) SMEs and SMIs will receive financial support of about five hundred and seventy-five million francs (FCFA575m) to develop and attract investments capable of generating about one hundred and forty-one (141) new jobs.
Already, the range of products in the portfolio of FIDELIS FINANCE enables the company meet most of the financing needs of SMEs and PMIs as regards investment, liquidity, resource mobilization, and commitments concerning leasing and related activities, factoring and guarantee which are activities that the line of credit signed today is guaranteed to strengthen.
Speaking at the loan signing ceremony, the President of the ECOWAS Bank for Investment and Development (EBID), Mr. Bashir IFO, commended the Management of FIDELIS FINANCE for the innovative products the company has introduced into the local market in Burkina Faso and also for extending the company’s activities into neighbouring Côte d’Ivoire which is a bigger market to sustain the activities of the company. The President of EBID concluded by wishing FIDELIS more success in its trail blazing role and for proving to be worthy of the support received from EBID.
Responding to the remarks of the President of EBID, the Managing Director of FIDELIS FINANCE, Mr. Abdoulaye SORI, informed the audience that the recent loan agreement signed on Tuesday with the Bank was the fourth of its kind and that it has now increased EBID’s support to the company, to ten billion francs (FCFA10bn) which makes EBID a front line partner that has led the company to become one of the most successful leasing companies in the sub region, and also contribute to the development of SMIs. Mr. SORI further said that thanks to the support of EBID and similar financial institutions, the company financed four thousand one hundred and twenty-eight (4128) projects in the amount of one hundred and twenty billion francs (FCFA120bn). With regard to the recent facility from EBID, Mr. SORI said that some of the beneficiaries will include forty (40) SMIs capable of generating two hundred (200) direct jobs.