The ECOWAS Bank for Investment and Development (EBID) has signed a 10 million EUR loan agreement with ECO Oil of Burkina Faso.
A statement issued by EBID and copied to the Ghana News Agency said the EBID short term loan facility will go to enhance the distribution of petroleum products to Burkina Faso and Niger, by ECO Oil’s sister companies.
It said Dr George Agyekum Donkor, the President of EBID, who signed the agreement for the Bank, said it was critical for companies in the oil sector to boost their operations to meet the demands of the population.
The statement said Mr Moussa Koanda of ECO Oil signed for the company.
EBID is a leading regional investment and development bank, owned by the 15 ECOWAS Member States, namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo.
Based in Lomé, Togo, the Bank is committed to financing developmental projects and programmes covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows.
EBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations and related services.