A €50 million ($58,613,000) loan agreement has been signed between the French Development Agency (AFD) and the ECOWAS Bank for Investment and Development (EBID).
The loan facility, signed on Tuesday, July 28, 2020 in Lome, Togo’s capital by Dr George Agyekum Nana Donkor, President of EBID and Mrs Maréva Matar, Deputy Director of AFD, is intended to promote greater economic and financial integration in the West African sub-region.
The AFD is to further commit an additional €400,000 grant technical assistance aimed at supporting EBID implement its strategic plans and enhancing a sustainable economic transition in the ECOWAS region.
The loan facility from France comes at a period when the economy of most African countries – with the exception of a few – is experiencing a recession for the first time in 25 years due to the global Covid-19 pandemic.
Read further details of a joint press release on the loan agreement:
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