ECOWAS Bank Injects $200 Million into SMEs

The ECOWAS Bank for Investment and Development (EBID) has signed a Memorandum of Understanding (MoU) with the Government of Ghana to inject $200 million into the Ghanaian economy.

This significant investment is aimed at stimulating the growth of small and medium-sized enterprises (SMEs) and other critical sectors of the economy, creating jobs, promoting innovation, and driving sustainable development.

This partnership brings EBID’s total commitment to Ghana’s economy to $600 million, demonstrating the bank’s dedication to supporting the economies of its member states.

The support will be disbursed through strategic alliances with the Ghana EXIM Bank and GCB Bank PLC.

The MoU was signed at EBID’s headquarters in Lome, Togo, last Friday.

A Ghanaian delegation led by the Minister of Finance, Dr. Mohammed Amin Adam, attended the event.

The President and Chairman of the Board of Directors of EBID, Dr. George Agyekum Donkor, signed on behalf of the bank.

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The EBID is a development finance institution that provides long-term loans, equity participation, lines of credit, refinancing, and financial engineering operations to support development projects and programs.

The  ECOWAS bank’s President emphasized that this agreement epitomizes its commitment to fostering economic growth and resilience across ECOWAS member states.

Dr. Adam commended EBID’s efforts in driving sustainable transformation in the region and praised Ghana’s steadfast support for the bank.

He expressed optimism about the bank’s continued role in shaping the region’s development agenda.

The EBID provides financial assistance to member states in various sectors such as infrastructure and basic amenities, rural development, industry, and social services.

The bank’s President highlighted that this partnership is a testament to its commitment to channeling vital resources into pivotal sectors of its member states’ economies.

The tripartite alliance between EBID, GEXIM, and GCB Bank PLC is a strategic move to reinforce the recovery and transformation agenda of member states.

This collaborative effort emphasized  EBID’s commitment to forging partnership synergies within the finance and investment domain.

The EBID’s President also commended Ghana for its timely payment of its subscribed share of capital and other commitments to the bank.

He expressed confidence that this partnership will have a positive impact on the country’s economy and contribute to the overall growth and development of Ghana.

The signing of this MoU marks a significant milestone in the relationship between Ghana and EBID.

It is expected to have a far-reaching impact on the country’s economy, creating jobs, stimulating growth, and promoting innovation.

The partnership will also provide a platform for knowledge sharing and capacity building between Ghana and other ECOWAS member states.

In conclusion, this partnership is an indication  to the commitment of both parties to promoting economic growth and development in Ghana and the region as a whole.

We look forward to seeing the positive impact it will have on the country’s economy and its people.

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