{"id":478192,"date":"2023-11-21T13:07:48","date_gmt":"2023-11-21T13:07:48","guid":{"rendered":"https:\/\/www.kapitalafrik.com\/?p=478192"},"modified":"2023-11-21T13:14:47","modified_gmt":"2023-11-21T13:14:47","slug":"ebid-extends-usd-50-million-to-wema-bank-plc-to-support-agro-industry-in-nigeria","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2023\/11\/21\/ebid-extends-usd-50-million-to-wema-bank-plc-to-support-agro-industry-in-nigeria\/","title":{"rendered":"EBID\u00a0 extends USD 50 million\u00a0 to WEMA BANK PLC to support agro-industry in Nigeria\u00a0"},"content":{"rendered":"
<\/div>\n

Lom\u00e9, 20 November 2023<\/strong><\/p>\n\n\n\n

The ECOWAS Bank for Investment and Development (EBID) has signed an agreement with WEMA Bank Plc, Nigeria providing a USD50 Million line of credit to support Small and Medium Enterprises (SMEs) in the agro-business sector in the th Federal Republic of Nigeria. The signing ceremony took place on November 20 , 2023, at the Bank\u2019s Headquarters in Lom\u00e9, Togolese Republic.<\/p>\n\n\n\n

In his address, Dr George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, affirmed that the collaboration with Wema Bank Plc was aligned with the United Nations\u2019 Sustainable Development Goals (SDGs), particularly Goals 2 and 5 which tackle food security and gender equality respectively. First, Dr Donkor noted with great satisfaction that a portion of the resources had been earmarked to support female-led enterprises, which are key contributors to the economic ecosystem. He then concluded by emphasizing the need to continue providing actors in the agricultural sector with resources to enhance their products, add value to the regional chain and increase the returns from trade for socio-economic growth.<\/p>\n\n\n\n

In response, Mr. Moruf Oseni, CEO of WEMA Bank Plc, stated that the alignment of shared developmental objectives between the two institutions was a driving factor for the strategic partnership. Mr Oseni assured that at the heart of WEMA Bank Plc\u2019s mission, is a desire to reduce poverty by creating jobs and building sustainable businesses especially SMEs which are the backbone of the Nigerian economy. He expressed his hope that the facility was just the beginning of a long and mutually- rewarding relationship between EBID and WEMA Bank.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The facility brings EBID\u2019s total commitments in the Federal Republic of Nigeria to a total of about USD 361.4 million for both private and public sector projects and is in line with its Strategy of reaching out to SMEs across the sub-region, via partnerships with local banks.<\/p>\n\n\n\n

About EBID<\/strong><\/p>\n\n\n\n

ECOWAS Bank for Investment and Development (EBID) <\/strong>is the development finance institution of the Economic Community of West African States (ECOWAS) comprising fifteen (15) Member States namely, Benin, Burkina Faso, Cape Verde, C\u00f4te d\u2019Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and<\/p>\n\n\n\n

Togo. Based in Lom\u00e9, Togolese Republic, 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.<\/p>\n\n\n\n

www.bidc-ebid.org<\/p>\n

<\/div>","protected":false},"excerpt":{"rendered":"

Lom\u00e9, 20 November 2023 The ECOWAS Bank for Investment and Development (EBID) has signed an agreement with WEMA Bank Plc, Nigeria providing a USD50 Million line of credit to support Small and Medium Enterprises (SMEs) in the agro-business sector in the th Federal Republic of Nigeria. The signing ceremony took place on November 20 ,<\/p>\n","protected":false},"author":527180,"featured_media":478193,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":{"pmpro_default_level":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[16158],"tags":[15244,846,21255],"class_list":{"0":"post-478192","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-bank","8":"tag-ebid","9":"tag-ecowas","10":"tag-wema-bank-plc","11":"post_format-post-format-aside","12":"pmpro-has-access"},"yoast_head":"\nEBID\u00a0 extends USD 50 million\u00a0 to WEMA BANK PLC to support agro-industry in Nigeria\u00a0 - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. 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