Senegal: BADEA, Ecobank Group sign US$40m loan agreement

Dakar, Sénégal (PANA) - The Arab Bank for Economic Development in Africa (BADEA) on Thursday signed a US$ 40 million loan agreement with Ecobank Group, for the financing of credit lines.

According to a statement from BADEA, the loan forms part of BADEA's Export Financing Scheme for which a sum of US$ 250 million has been earmarked during the Seventh, Five-Year Plan period (2015-2019).

The loan agreement was signed in Lome, Togo, by BADEA’s Director General, Abdelaziz Khelef, and Albert Essien, Chief Executive Officer of Ecobank.

The statement said the loan is intended to promote Arab exports to African countries, eligible for BADEA’s assistance through financing commercial operations in priority sectors such as energy, industry and agriculture. These are expected to contribute to sustainable development, improve the living conditions of the population and alleviate poverty.

BADEA said the process is the first such operation in which BADEA and Ecobank Group will join efforts to promote Arab-African trade.

It shall be followed by a number of operations which aim to promote Afro-Arab cooperation, according to the statement.

BADEA Arab Exports Financing Scheme complements its development finance programme which has contributed US$ 4.7 billion to finance 608 development projects and 628 technical assistance operations in sub-Sahara Africa.
-0- PANA VAO 7May2015

07 mai 2015 14:05:06

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