The ECOWAS Bank for Investment and Development (EBID) has announced the signing of three separate finance agreements with three companies namely Baraka, SOCIETE NIANGADOU DISTRIBUTION COMPAGNIE (NDC), and Access Bank Plc on the sidelines of the 30th Annual Meetings of the Afreximbank on Tuesday, June 20, 2023, in Accra, Ghana. The agreements were signed by the President and Chairman of the Board of Directors of EBID, Dr. George Agyekum Donkor.
According to the EBID report, published on its website, “the first agreement entails an extension of facility amounting to EUR 10 million, aimed at increasing Baraka’s capacity to finance the supply of petroleum products to marketers and mining companies in the Republic of Mali, which “follows a previous agreement in 2022, where EBID extended a facility of EUR 7 million to Baraka SBP for the acquisition of 47 tanker trucks, expanding the company’s fleet to meet the growing demands of the Malian economy”.
“The second agreement focuses on enabling SOCIETE NDC SAU to expand its interventions in the energy sector of Mali as a petroleum product supplier. It provides a revolving facility of EUR 10 million for the importation and marketing of petroleum products”.
These two agreements represent a cumulative financial commitment of 281 billion FCFA, which the institution says demonstrates its “commitment to supporting projects in both the private and public sectors in Mali”.
The report said “The third agreement involves a credit line of $30 million to Access Bank Plc in Ghana, dedicated to on-lending to Small and Medium Enterprises (SMEs) in the agricultural business and related sectors, including processing, infrastructure, transport, and women-owned businesses.
According to the President of EBID, the signing of these agreements aligns with the bank’s strategic orientation to invest in the growth poles of ECOWAS Member States, stressing the importance of ensuring a consistent supply of petroleum products to support key economic activities, particularly in sectors such as industry and mining.
Representatives from each company, including Mr. Sadio Bathily, Managing Director of Baraka, Mr. Mamadou Niangadou, Chief Executive Officer of SOCIETE NDC SAU of Mali, and Mr. Olumide Olatunji Managing Director of Access Bank Plc, expressed their appreciation and commitment to utilizing the financing to drive growth, enhance operations, and contribute to the development of their respective sectors.
The report concluded that such agreements signified “EBID’s ongoing efforts to provide financial solutions that spur private sector development and contribute to the sustainable growth of the region”.
