As per the latest news, the ECOWAS Bank for Investment and Development (EBID) has revealed a dual-currency trade finance credit line worth around $ 130 million.
The funding will be utilized critically to upgrade food security and build up agricultural value chains across West Africa, the AfDB stated in the declaration issued.
The granted funds acknowledge the first time it has secured financial support from the African Development Bank (AfDB) which was honored with “Best Multilateral Financial Institution 2021” by Global Finance.
The AfDB is facilitating $ 50 million and €50 million to the three-and-a-half-year facility, while the People’s Bank of China is giving a further US$ 30 million through Africa Growing Together Fund - a solution provided by the Chinese central bank yet managed by the AFDB.
According to the AfDB’s head of trade finance, Lamin Drammeh, “Working with the EBID should assist with further developing its access to trade finance in the Ecowas area, which consists of 15 West African nations.”
