The Export-Import Bank (Exim Bank) said it will provide a $500 million credit facility to Ecowas Bank for Investment and Development (EBID) to fund various development projects in western-south Africa.
The line of credit of $500 million to EBID will finance various development projects in the Ecowas region, Exim Bank said in a release. With the signing of this line of credit (LoC) agreement, Exim Bank till date has extended four LoCs to EBID, with the support of the government, taking the total value of LOCs to $1,000 million.
The LoC of $500 million to EBID is an umbrella limit for financing developmental projects in 15-member countries of EBID in West African region—Benin, Burkina Faso, Cape Verde, Cote d’Ivoire, Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
These projects entitled to get the funding may belong any sector which is of priority of the governments of any of the member states of EBID. The Economic Community of West African States (Ecowas) has a mandate to promote economic integration in all fields of activity of the constituting countries.