GTB 737 banner Yudala banner

ECOWAS Bank for Investment and Dev. signs 7.3 billion CFA francs loan agreements

By Blame Ekoue, Lome on 04/02/2014

Share on facebook Yahoo mail icon Gmail icon

Views: 2,218


 

The ECOWAS Bank for Investment and Development (EBID) has signed two loan agreements to the tune of 7.3 billion CFA francs with companies from Mali and Senegal. The agreements were signed at EBID headquarters in the Togolese capital, Lome, with Mr. Bashir Mamman Ifo, president of EBID, signing on behalf of the regional bank.

The first loan agreement involving 5 billion CFA francs was signed between EBID and BMS or (Banque Malienne de Solidarité) and the second one estimated at 2.3 billion CFA francs in favour of SCL Energie Solutions is meant for the partial financing of the Mbour rural electrification concession project, in the Republic of Senegal.

According to an EBID press release made available to News Express, the credit lines granted to these two institutions form part of the bank’s commitment to finance and support the private sector in West Africa, one of the major vectors for growth and development in line with its 2010-2014 strategic plan.

Mr. Ifo pointed out the importance of these two credit lines meant to support the priority programmes of governments of Mali and Senegal. He said: “The objective of these financing facilities, it should be pointed out, is to reduce poverty by improving the standard of living of the population groups. In the case of Mbour, in Senegal, the project, more specifically, seeks to improve the service level by hooking 111 communities onto the national grid, thereby increasing the rate of electrification to 80%.”

The EBID Chairman added that “these projects will eventually contribute not only to the improvement of the welfare of the population groups, but also to grassroots development.”

On his part, the CEO of BMS, Mr. Babaly Ba, explained that the credit line will be devoted to the refinancing of grants given by his bank to Malian enterprises for their investments in various projects through the purchase of industrial equipments, the purchase of heavy equipments for companies operating in the sector of BTP which are vital for the reconstruction of Mali after the crisis which rocked the country for several months.

Mr. Ba stressed the need for his bank to continue supporting projects aimed at improving livelihood of deprived population at the grassroots in accordance with its commitment.

After signing the partial loan agreement, the chairman of the council of administration of the Senegalse company, SCL Energie Solutions (SCL-ES), Mr. Mor Kasse, stressed the need for his institution to play a major role in the sector of energy in Senegal in order to make it possible for the population in rural areas to have access to quality and low-cost electricity.

“The main objective of the republic of Senegal in its policy designed for the sector of energy is to make available quality and low-cost energy to the population both in the urban and rural areas,” Mr. Kasse said.

He also expressed hope that this loan agreement will mark the beginning of long term prosperous mutual partnership between the two institutions for the welfare of the population.

Banque Malienne de Solidarité is Malian limited liability banking company created in 2003 with a capital of 12.5 billion FCFA.

The objective of the bank is to contribute towards the economic development through concessional loans to SMEs operating in the private sector in Mali.

SCL Energie Solutions Plc is a Senegalese limited liability Company registered under Senegalese law with a capital of 300 million FCFA.

News Express reports that EBID is an international financial institution which effectively began operations on January 1, 2004 and had by the end of September 2011 approved a total of 132 projects estimated at 584 million Units Accounts (UC), or 933 USD million.

EBID was created following the transformation of the erstwhile ECOWAS Fund established in 1975, together with the ECOWAS Executive Secretariat (now ECOWAS Commission) with the aim of contributing to creation of conditions for the emergence of an economically strong, industrialised, prosperous and well-integrated West Africa.

•Photo shows President Bashir Ifo of EBID (left) and Babaly Ba Managing Director of BMS of Mali, signing the contract of loan agreement at the headquarters of EBID. 

Source News Express

Posted 04/02/2014 9:35:42 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
NIMASA to partner Customs for seamless trade facilitation...

Sad Christmas for Pastor branded MASSOB member •Police...

Army Commander, Police Commissioner relocate to Southern Kaduna...

Nigeria has set benchmark for Airtel U-17 Africa...

Tourism is the new oil —Minister •Insists that...

Naira continues upward swing in parallel market

CBN to assist flood victims in Kebbi

Repair work commences at Abuja airport

Shocking findings on how INEC tainted and sectionalised...

Recession: Niger subsidises prices of grains

Police arrest Ebonyi Speaker, 13 other lawmakers in...

NiMET predicts cloudy weather and thunderstorms today

 

Latest News Hope rises for improved gas supply as Shell JV’s Gbaran-Ubie Phase 2 comes on stream BREAKING: Buhari cancels Federal Executive Council meeting •To receive report on SGF, DG NIA today EFCC clears Swift Transfer Boss, Chris Akinyomi of fraud allegations •He is no longer on EFCC Wanted List – Lawyers 5,907 Police Inspectors promoted to new rank •New AIG, 2 CPs, 47 CSPs and 498 Supols also emerge Mikel, Ighalo lead Super Eagles squad for Cameroon •Gernot Rohr’s full 23-man list Biafra: Buhari lied on Ojukwu; we challenge him on evidence — Zionists Recruitment: Navy releases list of successful candidates Leadership crisis claims life in Anambra Adeosun emerges Chairperson of ECOWAS Investment Bank FG plans audience measurement conference to catalyse broadcast industry growth Elumelu in Jaji, tasks leaders on lasting legacies for coming generation Ortom asks herdsmen to ignore quit notice threats

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (272,613 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (254,512 views) Shameless Genevieve Nnaji exposes breasts in public (206,812 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (174,596 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (173,423 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (154,924 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (134,137 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (125,236 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (118,179 views) Lagos plane crash: Journalist releases victims’ names (109,536 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (108,829 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (101,380 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,664) Business Verdict (20) Columnists (728) Complaints & Requests (92) Enterprise & Opportunities (174) Entertainment (352) Features (479) Global Business Monitor (171) International (1,498) Interviews (128) Live Commentary (28) Love Matters (68) News (27,676) Opinion (785) Pidgin (8) Politics (3,866) Religion (599) Sports (1,309) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN words on marble advert

 

 

President Muhammadu Buhari's National Broadcast

 

APO Newsbreak logo

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!