The ECOWAS Bank for Investment and Development (EBID) has signed a commercial credit line agreement worth $100 million with India Exim Bank, India’s export credit agency.

The agreement was signed at the London office of the India Exim Bank by Dr George Agyekum Nana Donkor, president and chairman of the board of directors of the ECOWAS EBID, and Mr Subhasis Dhal, chief executive of India Exim Bank, London branch. 

In a joint press release, the financial institutions said the credit line agreement is set to give rise to the transformation of the private sector in the West African sub-region.

Dr Donkor said, “This is a milestone event towards the EBID’s vision to be an effective instrument for poverty alleviation, wealth creation and job promotion for the well-being of the people of the ECOWAS sub-region.

This facility expands a longstanding partnership between India EXIM and EBID, which began in 2006 with the signing of a line of credit for public sector projects in the amount of $250 million. As of today, there are four Indian lines of credit amounting to $1billion of which $912 million has been allocated across 39 projects in the ECOWAS member states.”

Mrs Harsha Bangari, the managing director of India Exim Bank, said “This structured long tenor credit line agreed between EBID and India Exim Bank, is a reflection of India Exim Bank’s strategy and commitment to developing global partnership and clear evidence of India’s developmental and friendly outlook towards the African continent, to ensure post Covid-19 recovery.”