…. Other Financial Lifeline with Two Malian Companies
ECOWAS Bank for Investment and Development (EBID) Wednesday announced signing a credit line of $30 million with Access Bank Plc in Ghana Small and Medium Enterprises (SMEs).
The essence is to boost the agricultural business and related sectors, including processing, infrastructure, transport, and
women-owned businesses in the West African country.
The bank also signed two other separate finance agreements with two companies Baraka and Societe Niangadou Distribution Compagnie (NDC).
A statement from the bank on Wednesday read that: “On the side lines of the 30th Annual Meetings of the Afreximbank, the President and Chairman of the Board of Directors of the ECOWAS Bank for Investment and Development (EBID), Dr George Agyekum Donkor, has signed three separate finance agreements with three companies namely Baraka, Societe Niangadou Distribution Compagnie (NDC)
and Access Bank Plc on Tuesday June 20, 2023, in Accra, Ghana.”
According to the statement, the first agreement entails an extension of facility amounting to EUR 10 million, aimed
at increasing Baraka’s capacity to finance the supply of petroleum products to marketers and mining companies in the Republic of Mali. This follows a previous agreement in 2022, where EBID extended a facility of EUR 7 million to Baraka SBP for the acquisition of 47 tanker trucks, expanding the company’s fleet to meet the growing demands of the Malian economy.
The second agreement focuses on enabling Societe NDC SAU to expand its interventions in the energy sector of Mali as a petroleum product supplier. It provides a revolving facility of EUR 10 million for the importation and marketing of petroleum products.
The statement said together, these two agreements demonstrate EBID’s commitment to supporting projects in both the private and public sectors in Mali, with a cumulative commitment of 275 billion FCFA.
The third agreement involves a credit line of $30 million to Access Bank Plc in Ghana, dedicated to on-lending to Small and Medium Enterprises (SMEs) in the agricultural business and related sectors, including processing, infrastructure, transport, and women-owned businesses.
The statement said “Dr George Agyekum Donkor, President of EBID, emphasized that the signing of these agreements aligns with the bank’s strategic orientation to invest in the growth poles of ECOWAS Member States. He highlighted Mali as a landlocked, non-oil-producing country heavily dependent on fuel transported by tankers from neighboring countries.
“Dr Donkor stressed the importance of ensuring a consistent supply of petroleum products to support key economic activities, particularly in sectors such as industry and mining. He urged all stakeholders to utilize these facilities effectively to foster the transformation of ECOWAS communities.”
According to the statement, representatives from each company, including Mr. Sadio Bathily, Managing Director of Baraka, Mr. Mamadou Niangadou, Chief Executive Officer of Societe NDC SAU of Mali, and Mr. Olumide Olatunji Managing Director of Access Bank Plc, expressed their appreciation and commitment to utilizing the financing to drive growth, enhance operations, and contribute to the development of their respective sectors.
The statement added that: “The ECOWAS Bank for Investment and Development remains dedicated to its mandate of promoting economic and social development in the ECOWAS region through strategic investments and partnerships. These agreements signify EBID’s ongoing efforts to provide financial solutions that spur private sector development and contribute to the sustainable growth of the region.”
ECOWAS Bank for Investment and Development (EBID) is a leading regional investment and development bank, owned by the 15 ECOWAS Member States, namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. Based in Lomé, Togolese Republic, the Bank is committed to financing developmental projects and programmes covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows.
EBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations, and related services.
