Panafrican News Agency

ECOWAS investment bank secures $100 million credit line from India Exim Bank

Lome, Togo (PANA) - The ECOWAS Bank for Investment and Development (EBID) and India Exim Bank, London, have signed a commercial credit line agreement for US$100 million to engender the transformation of the private sector in the West African sub-region. 

The agreement was signed in London by Dr. George Agyekum Nana Donkor, President and Chairman of the Board of Directors of EBID, and Mr. Subhasis Dhal, Chief Executive of India Exim Bank.  

A joint statement quoted Dr Donkor as saying this is a milestone event towards the EBID’s vision "to be an effective instrument for poverty alleviation, wealth creation and job promotion for the well-being of the  people of the Economic Community of West African States (ECOWAS) sub-region".

The statement said the 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.

It said as at today, there are four Indian lines of credit amounting to $1 billion of which $912 million has been allocated across 39 projects in the ECOWAS member states.

However, Dr Donkor noted, 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, said that this structured long tenor credit line 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. 

-0- PANA MA 29March2022