Prime Highlights

• EBID has approved new financing packages exceeding $75 million and €105 million to support private sector growth and energy security across West Africa.
• The funding targets SMEs, industrial development and critical energy projects in line with the bank’s regional growth strategy.

Key Facts

• An €80 million credit line was approved for Coris Holding SA to expand lending to small and medium-sized businesses across the WAEMU region.
• Additional financing includes €25 million for Senegal’s SENELEC, $50 million for Ghana’s Stratcon Energy, and $25 million for Guinea’s Topaz Multi-Industries SA.

Background

The ECOWAS Bank for Investment and Development has approved new financing packages worth more than 75 million US dollars and 105 million euros to strengthen energy security, expand access to finance for small and medium enterprises, and support industrial growth across West Africa.

The approvals followed the bank’s 98th Ordinary Session of its Board of Directors and form part of its new five year strategy focused on driving private sector led growth across the region.

The bank’s President and Chairman of the Board of Directors, Dr George Agyekum Donkor, said the new commitments showed the institution’s resolve to support transformative initiatives that strengthen productive capacities, secure energy supply and widen access to finance for businesses, particularly SMEs that drive the region’s economic transformation.

The approved transactions cover the banking, energy and industrial sectors. A major component includes an 80 million euro credit line for Coris Holding SA, a leading banking group in the West African Economic and Monetary Union, aimed at boosting lending to small businesses that make up most of its loan portfolio.

In Senegal, the bank approved a 25 million euro contribution to a syndicated facility for the national electricity utility, SENELEC, arranged with the International Islamic Trade Finance Corporation to support fuel procurement for power generation.

Ghana’s Stratcon Energy and Trading Limited received a 50 million dollar facility to support fuel imports, while Guinea’s Topaz Multi-Industries SA secured 25 million dollars to finance industrial raw material imports and boost local manufacturing.

The four operations reflect the bank’s broader strategy of combining financial inclusion, industrial growth and energy security to support long term, sustainable development across West Africa.