(Ecofin Agency) - Mali’s development bank (BDM SA) signed last week a financing agreement worth €30 million (FOF19.7 billion) with the African Development Bank.

This facility, which was approved since October 2018, will be used by the Malian Bank, awarded best bank in West Africa in 2018 at the African Banker Awards, to provide long term loans to its customers.

The funds will enable the Bank to continue its medium-term program in four other countries, including Côte d'Ivoire, Burkina Faso, Guinea-Bissau and France, over 2018-2020. Through this program, the Bank wants to increase financing for large companies, and support for financing the cotton campaign. It also plans to boost internationalization and services for Malians living abroad, development of financing for SMEs and individuals, modernization, improvement of the quality of its customer services and consolidation of its financial structure.

Specifically, nearly 85% of the funds, or XOF17 billion, will be injected into the agriculture and agribusiness sectors, while 15% will go to women entrepreneurs.

“This agreement seals a strategic partnership between the BDM-SA and the AfDB. BDM-SA will consolidate its internal foundations by providing adequate liquidity to the parent company to accelerate its activities and continue its expansion,” said Bréhima Amadou Haidara, BDM’s MD.