ECOWAS Bank for Investment and Development (EBID) Approves USD 70 Million to Boost Trade and Agribusiness in the Region

By Richard Adorsu-

Photo Credit: ECOWAS

NEW AFRICA BUSINESS NEWS (NABN) Accra GHANA- The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) approved a total of USD 70 million and XOF 14.030 billion to boost trade and agribusiness in West Africa during its 86th meeting.

The USD 70 million facility will go towards trade finance and private sector promotion in the countries served by CORIS Bank, namely Burkina Faso, Benin, Côte d’Ivoire, Senegal, and Togo. Specifically, it will support the expansion of activities of SMEs operating in the
agribusiness sector, resulting in the creation of thousands of direct and indirect jobs.

For the public sector, the EBID Board of Directors also approved an amount of XOF 14.030 billion, for the construction of a storage, processing, and packaging plant in the Bélier agro-industrial cluster (2PAI-BELIER) in the Republic of Côte d’Ivoire.

This project, which is in line with the objectives of National Development Plan of Côte d’Ivoire, will improve food security by enhancing capacity in the agro-industrial sector while creating opportunities for the youth and for women.

The two projects align with the Bank’s vision of transforming the West African economic landscape by developing industry to create wealth and alleviate poverty. With these approvals, EBID’s total commitments in the ECOWAS region rises to circa USD 4 billion.

For New Africa Business News Richard Adorsu Reports, Africa Correspondent