EBID Supports ORAGROUP with €50m Line of Credit for SMIs and SMEs
On September 22, 2020 the President of the ECOWAS Bank for Investment and Development (EBID), Dr. George Donkor, signed a line of credit agreement in the amount of Fifty Million Euros ((€50m) with ORAGROUP represented by the Chief Executive Officer, Mr. Ferdinand Ngon Kemoum. The facility is for the financing of SMIs and PMEs in the eight (8) countries of the West African Monetary and Economic Union (UEMOA) namely, Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal and Togo.
The targeted sectors of activity include education, the construction industry, hotels, livestock, transport and warehousing, trade and services. The line of credit which is in line with the new business model of EBID is expected to contribute to creating about eight hundred and eighteen (818) new permanent jobs, and enhance the capacity of the ORAGROUP to support the sector.