Finance

The ECOWAS Bank for Investment and Development extends EUR 30 million to support the agricultural sector in Côte d'Ivoire

Thursday, 07 December 2023 17:05
The ECOWAS Bank for Investment and Development extends EUR 30 million to support the agricultural sector in Côte d'Ivoire

(BIDC) - The ECOWAS Bank for Investment and Development (EBID) extended a line of credit totaling EUR 30 million to MANSA Bank in a ceremony held in Abidjan, Côte d'Ivoire on December 6, 2023. This facility which is exclusively dedicated to SMEs/SMIs operating in the agricultural value chain, will support agribusiness in various ways including transport, storage and processing of agricultural products.

In his remarks, Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID expressed that the facility is in line with the Bank’s strategy of investing in SMEs operating in key sectors in the sub-region, through partnerships with local banks. He also highlighted that 15% of the resources were reserved for use of women-led enterprises which are the backbone of the economy and play a key role in the socio-economic advancement of the ECOWAS Community. 

El-Hassana KABA, Managing Director of MANSA Bank, expressed his gratitude and assured EBID that the funds would be used to strengthen the private sector and drive sustainable growth. He added that the resources would not only make it possible to meet the growing needs of Ivorian economic operators but also strengthen the country’s trade position by supporting the manufacturing of higher income-generating products.

The facility brings the Bank’s total commitments in Côte d'Ivoire to approximately USD 652 million for both private and public sector investments and will benefit 27 SMEs while creating over 738 new jobs. It is yet another evidence of EBID’s commitment to improving outcomes for vulnerable populations and alleviating poverty in the subregion.

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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