AfDB Approves $50m, €50m Trade Finance Credit Line for ECOWAS Bank


•Bank partners Government of Canada to fund SMEs, agric

The Board of Directors of the African Development Bank Group (AfDB) has approved a dual-currency Trade Finance Line of Credit for ECOWAS Bank for Investment and Development (EBID) comprising $50 million and €50 million.

In a statement yesterday, the AfBD stated that an additional co-financing of $30 million for the credit line would come through the Africa Growing Together Fund (AGTF) from the People’s Bank of China (PBOC).

EBID would use the three-and-a-half-year facility to provide direct financing to local corporates, it stated.

According to the AfDB, part of the facility would also be channelled through select local banks for on-lending to key sectors such as agriculture, infrastructure, and transport.

It stated further that the ultimate beneficiaries would be the Small and Medium-sized Enterprises (SMEs), local enterprises cooperatives and farmers in the West Africa region.

Speaking soon after…

Source: Thisday Newspaper