• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, October 25, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

EBID Announces $130m Facility To Bridge W/Africa’s Trade Financing Gap

by Chika Izuora
3 years ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

 

Advertisement

The ECOWAS Bank for Investment and Development (EBID) has announced a dual-currency trade finance credit line totaling around $130million, marking the first time it has secured funding support from the African Development Bank (AfDB).

The funds will be used primarily to enhance food security and strengthen agricultural value chains across West Africa, the AfDB said in an announcement issued this week.

Advertisement

The AfDB is providing $50million and €50million to the three-and-a-half-year facility, while the People’s Bank of China is providing a further US$30million through the Africa Growing Together Fund – a facility sponsored by the Chinese central bank but administered by the AfDB.

The AfDB’s head of trade finance, Lamin Drammeh, said, working with the EBID should help improve access to trade finance in the Ecowas region, which encompasses 15 West African countries.

“Regional institutions like the EBID complement the bank’s efforts to bridge the trade finance gap in Africa and serve as an effective conduit for channelling much-needed funds to underserved countries and sectors,” he said

RELATED NEWS

Nigerian Business Leaders To Lead 2025 Africa-Caribbean Trade Summit

‘Nigeria’s Luxury Market Globally Competitive In Creativity’

Aviation Expert Warns of Looming Monopoly in Nigeria’s Jet Fuel Market

Customs Unveil e-Platform, Target End To Vehicle Smuggling

Drammeh noted that, the facility will be used with a “special focus on the agriculture value chain, SMEs and women-owned businesses”.

The trade finance gap in Africa – measured as the gap between demand and supply for financing facilities across the continent – is believed to total around US$81bn per year, with SMEs and domestic companies facing the greatest difficulty in accessing support, the AfDB said.

As well as supporting direct financing from the EBID, the facility will be used for on-lending to local banks. Ultimate beneficiaries will be SMEs, local enterprise cooperatives and farmers in the region, with a focus on agriculture, infrastructure and transport.

The AfDB’s deputy director general for the West Africa region,Joseph Ribeiro, hailed the agreement as the bank’s first financing for EBID and said, he expects ‘an even stronger partnership in the near future.’

The announcement follows the AfDB’s October approval of US$25mn trade finance facilities for FSDH Merchant Bank in Nigeria, which also targets SMEs via on-lending.

Although a long-standing issue, Africa’s trade finance gap worsened significantly during the initial months of the Covid-19 pandemic.

 

Join Our WhatsApp Channel

Breaking News: Nigerians at home and abroad can now earn in USD by acquiring ultra-premium domains from $3,000 and profiting up to $36,000. Perfect for professionals. Click here.

SendShareTweetShare

OTHER NEWS UPDATES

Nigerian Business Leaders To Lead 2025 Africa-Caribbean Trade Summit
Business

Nigerian Business Leaders To Lead 2025 Africa-Caribbean Trade Summit

17 hours ago
‘Nigeria’s Luxury Market Globally Competitive In Creativity’
Business

‘Nigeria’s Luxury Market Globally Competitive In Creativity’

18 hours ago
Aviation Expert Warns of Looming Monopoly in Nigeria’s Jet Fuel Market
Business

Aviation Expert Warns of Looming Monopoly in Nigeria’s Jet Fuel Market

18 hours ago
Advertisement
Leadership join WhatsApp

LATEST UPDATE

JUST-IN: Gombe Loses Commissioner, Police Orderly In Car Accident

4 hours ago

Boma Prize For Africa Returns To Spotlight Youth Innovation, Social Impact

4 hours ago

LASTMA Busts ‘One-Chance’ Gang, Recovers 77 Stolen Phones In Lagos Raid

5 hours ago

Rear Admiral Idi Abbas: Chemist, Seaman — Untold Story Of Nigeria’s 25th Chief Of Naval Staff

6 hours ago

Tinubu Tasks New Service Chiefs On Professionalism, Vigilance, Unity

6 hours ago
Load More

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.