ECOWAS: EBID gets CFA40 billion from Moroccan BOA Group to finance the private sector

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Friday, 12 November 2021 17:32

ECOWAS: EBID gets CFA40 billion from Moroccan BOA Group to finance the private sector

(Togo First) - Moroccan group Bank of Africa (BOA) will spend CFA40 billion to support the private sector in 15 ECOWAS States. The funds - a credit facility - will be provided to the ECOWAS Bank for Investment and Development (EBID) which is based in Lomé, Togo.

BOA and EBID signed the related partnership agreement last Wednesday in Lomé. The credit facility concerns the trade and industry sectors.

“This credit line will strengthen EBID's capacity to continue financing private sector projects that align with the Bank's primary intervention areas, notably the energy, infrastructure, and industry sectors,” said George Agyekum Donkor, president, EBID.

For his part, Youssef Ibrahimi, MD, BOA-TOGO, and the representative of the Moroccan group at the signing ceremony, said: "The provision of a credit line of CFA40 billion to our partner EBID demonstrates the commitment of the BANK OF AFRICA Group to contribute to the financing of ECOWAS economies which are affected by the health crisis we are aware of. And as an African bank, we reiterate our commitment to promote the economy of our countries.”

EBID covers 15 ECOWAS countries, supporting several key sectors in the region. In Togo for example it supports the growth of agriculture and agribusiness.

Ayi Renaud Dossavi

REFORMS OVERVIEW

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Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

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