The ECOWAS Bank for Investment and Development (EBID) on Tuesday signed a $100 million historic commercial credit line agreement with the India Exim Bank.
The agreement which was signed in London is intended to engender the impactful transformation of the private sector in the West African sub-region.
President and Chairman of the Board of Directors of EBID Dr. George Agyekum Nana DONKOR, signed on behalf of the banm while Chief Executive of Indian Eximbank Mr. Subhasis Dhal, signed on behalf of the bank.
Speaking after signing the agreement, Dr Donkor said the facility would serve as an effective instrument of poverty alleviation, wealth creation and job for people in the sub-region.
“This facility expands a longstanding partnership between India EXIM and EBID, which began in 2006 with signing of a line of credit for public sector projects in the amount of $250 million. As at today, there are four Indian lines of credit amounting to $ 1billion of which $912 million has been allocated across 39 projects in the ECOWAS member states.
“This is the first time India Eximbank is extending a facility to EBID for financing private sector projects, an indication of the confidence India Eximbank has in the private sector portfolio and the strategic direction of the Bank”.
On her part, the Managing Director of India Exim Bank, Mrs. Harsha Bangari, stated that “This structured long tenor credit line agreed between EBID and India Exim Bank, is a reflection of India Exim Bank’s strategy and commitment to developing global partnership and clear evidence of India’s developmental and friendly outlook towards the African continent, to ensure post Covid-19 recovery.”
India Exim Bank has over the years, played a catalytic role in facilitating India’s integration with the global economy by promoting, financing and facilitating India’s international trade and investment. While the EBID, a leading regional investment and development bank, owned by the fifteen ECOWAS member States, is committed to financing developmental projects and programs covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows.
