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The Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID ) autographed €40 Million framework consensus with the ODDO BHF Amtiengesellschaft
Posted On 06 Mar 2021
By Abdul Rahman Bangura–
Photo Credit: Depositphotos
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– The ECOWAS Bank for Investment and Development (EBID) has approved a €40 million framework agreement with the ODDO BHF Aktiengesellschaft, a Franco-German financial services group with a longstanding track record and expertise in trade financing.
The account in question would be utilized to enhance the chances for Small and Medium scale Enterprises (SMEs) and trades to facilitate them in a bid to subscribe to the economic expansion in the landmass, generate job by funding projects in areas such as renewable energy, agribusiness and pharmaceutical production. The treaty was
ratified by the President of the EBID – Dr. George Donkor and the Head of International and Corporate Banking at ODDO BHF – Florian Witt, for their respective institutions on March 04th,, 2021 via a video conference.
Donkor affirmed, “the credit facility illustrates the commitment of the two institutions to the region’s transformation agenda through sustainable support to the vital sector of agribusiness.”
In his statement, Witt noted: “ODDO BHF AG, with its international banking division and its strong focus on Africa, has been supporting the West African region for many years and is very much looking forward to working with the EBID.”
The framework commitment comprises of a tentative credit line of €40 million given by the ODDO BHF AG to the EBID under which individual loan agreements could be inferred. The credit line was formulated for project-related transactions throughout the Economic Community of West African States (ECOWAS) sub-region, which incorporated merchandises from Europe officially funded by export credit agencies (ECAs) like the Atradius of the Netherlands, the Bpifrance Assurance Export of France and the Euler Hermes of Germany. It’s believed that, they related the partnership between EBID and ODDO BHF AG as a crucial assistance in facilitating the growth of several industrial sectors in the ECOWAS nation.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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