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17 September 2021, 18:47

Belarus' Development Bank, pan-African bank EBID sign loan agreement

An archive photo
An archive photo

MINSK, 17 September (BelTA) – The Development Bank of the Republic of Belarus and the ECOWAS Bank for Investment and Development (EBID) have concluded a basic loan agreement. The document was signed by Chairman of the Board of the Development Bank Aleksandr Yegorov and President and Chairman of the Board of Directors of EBID George Agyekum Donkor during an online ceremony, BelTA learned from the Belarusian bank.

In line with the agreement, the Development Bank will provide loans to the pan-African bank to finance the supplies of Belarusian products to West African countries. According to Aleksandr Yegorov, this agreement will facilitate the export of Belarusian agricultural and other machinery to West Africa.

The EBID president said that the export loans will be used to meet the needs of African companies for Belarusian goods.

The ECOWAS Bank for Investment and Development (EBID) is the financial arm of the Economic Community of West African States (ECOWAS) comprising fifteen Member States. The bank is headquartered in Lome (Togolese Republic). In 2020, EBID assets amounted to $998.3 million, authorized capital made up $419.8 million.

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