(Ecofin Agency) - The Bank of Solidarity of Mali (BMS-SA) secured from the Investment and Development Bank of the ECOWAS (BIDC) a FCFA10 billion credit line last Tuesday. The financing agreement was signed by BIDC’s president, Bashir Mamman Ifo, and Babaly Ba, managing director of BMS-SA, the same day at the ministry of economy and finances.

“The FCFA10 billion credit line repayable over nine years (with a grace period of one year) aims to refinance medium term loans of BMS-SA to indiviuals and corporate entities (small and medium enterprises or SMEs, small and medium industries or SMIs), to decentralized financial systems, to cooperatives as well as to various companies in line with government’s objectives,” said Babaly Ba.

The new loan brings to FCFA10 billion BIDC’s commitments to BMS-SA.

Truly, in 2008 and 2013, BIDC already granted the bank 2 billion CFA and 5 billion CFA, respectively. According to BIDC’s president, Bashir Mamman Ifo, “the new credit line proves efforts of the Bank of Solidarity of Mali to win BIDC’s trust, because the signing follows a thorough evaluation by BIDC of BMS-SA’s absorption and repayment abilities”.