ECOWAS: EBID repays FCFA 2,883 billion in debt on July 12

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The ECOWAS Investment and Development Bank (EBID) will proceed on July 12, 2021 to the payment of half-yearly interest and the partial repayment of the capital of its bond loan called BIDC-EBID 6.40% 2019-2026 for an amount of 2.883 billion FCFA (4.324 million euros), announced the leaders of this regional financial institution based in Lomé, Togo.

At the end of its 59th meeting held in Lomé on October 25, 2018, the Board of Directors authorized EBID to issue a bond loan on the financial market of the West African Monetary Union (WAMU) in the amount of 25 billion euros. FCFA at an annual interest rate of 6.40% over a period of 7 years.

Following this authorization, the leaders of EBID proceeded during the period from May 28 to June 26, 2019 to launch the subscription with 2.5 million bonds issued at a price of 10,000 FCFA. The operation was a great success.

The funds raised were intended to finance seven projects located in six countries of the West African Economic and Monetary Union (UEMOA). This included the construction project of a 120 MW thermal power station at Maria Gléta in Benin with a support of CFAF 5 billion from EBID. Also concerned were the Capro Industry and Nada Oil projects in Côte d’Ivoire with respective support from EBID of 3 and 4 billion FCFA, the Fidelis Finance project (financial services) in Burkina with support of 4 billion FCFA from EBID , the RMC project (industry) in Senegal with a support of 2.500 billion from EBID, the DiWA Industry project in Togo with a support of 1.500 billion FCFA from EBID and finally the Hotel Azalai Niamey project in Niger requiring a contribution of 5 billion FCFA.

These seven projects were 100% financed through the bond loan of CFAF 25 billion.

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