December 19, 2024
The ECOWAS Bank for Investment and Development (EBID) has approved a total funding package of FCFA10 billion and €40 million to support the development of SMEs and SMIs in Côte d’Ivoire.
This commitment was made during the 90th ordinary meeting of its Board of Directors, held on Thursday, December 19, 2024, via videoconference. The meeting was chaired by Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID.
The funding package is in respect of two projects:
- A FCFA 10 billion line of credit to Banque Sahélo-Saharienne pour l’Investissement et le Commerce Côte d’Ivoire (BSIC-CI SA) to support SMEs and SMIs operating in various sectors, including health, education, agro-industry, trade, construction, and public works.
- A €40 million line of credit to Société Multinationale de Bitume (SMB) in Côte d’Ivoire to support oil and base imports, facilitating major infrastructure projects in the country and the sub-region.
These approvals align with EBID’s financial sector development strategy, which aims to improve access to financing for SMEs and SMIs, who play a vital role in the economic growth and development of the ECOWAS region, thereby contributing to job creation and social integration.
With these new commitments, EBID’s total investments in the sub-region stand at USD4.4 billion, with a significant portion dedicated to Côte d’Ivoire.
