The ECOWAS Bank for Investment and Development (EBID) has secured a $40 million commercial credit line from the Export-Import Bank of India (India Exim Bank) to support private sector transformation in West Africa.
This partnership aims to bridge the infrastructure gap, drive sustainable economic growth, and promote regional economic integration.
The president and chairman of the EBID’s Board of Directors, Dr. George Donkor, and the chief executive of India Exim Bank, London Branch, Ashok Kumar Vartia, signed a commercial credit line agreement for $40 million yesterday in London.
The president of EBID, Dr. Donkor, commended India EXIM Bank for its continued commitment to partnering with the ECOWAS subregion to realise development projects geared towards improving outcomes for vulnerable populations.
He underscored the need to expand investments in key sectors such as energy, health, transportation, agriculture and infrastructure, among others, to drive economic growth in West Africa while building resilience in an increasingly volatile global setting.
Vartia commented, “This marks a key milestone in our continued commitment to support developmental projects in Africa.”
The general manager of India Exim Bank, Trupti Mhatre, pointed out that “this will provide the much-needed support to the infrastructure projects being executed by the Indian exporters. This structured long-tenor credit line agreed between EBID and India Exim Bank will foster closer interactions and partnerships between India and the African continent.”
India Exim Bank has a long-standing relationship with EBID dating back to the first credit line, which was extended in 2006. Since then, the bank has extended six facilities aggregating $1.14 billion to EBID to support the export of goods and services from India to Africa.
