African Development Bank Approves $50 Million and Eur 50 Million Trade Finance Transaction Line of Credit for Ecowas Bank for Investment and Development (Ebid) To Enhance Food Security and Boost Agricultural Value Chains in the Region
The Board of Directors of the African Development Bank Group has approved a dual-currency Trade Finance Line of Credit for ECOWAS Bank for Investment and Development (EBID) comprising $50 million and EUR 50 million. An additional co-financing of $30 million for the credit line will come through the Africa Growing Together Fund (AGTF) from the People’s Bank of China (PBOC).
EBID will use the three-and-a-half-year facility to provide direct financing to local corporates. Part of the facility will also be channelled through select local banks for on-lending to key sectors such as agriculture, infrastructure, and transport. The ultimate beneficiaries will be Small and Medium-sized Enterprises (SMEs), local enterprises cooperatives and farmers in the West Africa region.
Photo courtesy of International Institute of Tropical Agriculture.
Source: African Development Bank Group (link opens in a new window)