On the sidelines of the World Bank and IMF annual meetings in Marrakech, Morocco, the ECOWAS Bank for Investment and Development (EBID) and Afreximbank sign a €50 million loan agreement to boost the trade and production of goods in West Africa intended for export.
As part of an important move to advance economic growth and development in West Africa, the African Export-Import Bank (Afreximbank) and the ECOWAS Investment and Development Bank (EBID ) formalized a loan agreement of 50 million euros during the annual meetings of the World Bank and the International Monetary Fund (IMF) in Marrakech. on October 12, 2023.
Support for SMEs positioning themselves in production and export in the ECOWAS zone
This arrangement aims to facilitate the on-lending of loans to financial institutions in the region.
This five-year mechanism should enable the EBID to promote export trade and production activities, particularly for small and medium-sized enterprises (SMEs) operating in the ECOWAS region.
This agreement strongly aligns with the EBID’s strategic vision, emphasizing support for local businesses, with a particular focus on SMEs and financial institutions across West Africa.
At the heart of this collaboration is a shared commitment to boost investments in critical sectors such as agriculture, SMEs, food security and the agricultural value chain within the ECOWAS region. The main objective is to stimulate job creation and improve the added value of local raw materials, thereby strengthening foreign exchange generation.
The partnership between EBID and Afreximbank supports the critical need for sustainable cooperation among African development finance institutions. This collaboration will facilitate the financing of highly promising projects to boost economic development in the sub-region and demonstrates the unwavering commitment to supporting economic growth, regional trade and integration as well as prosperity within the region.
2023-10-12 23:26:45
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