EBID extends Euros 20 Million to support SMEs/SMIs in Guinea

The President and Chairman of the Board of Directors of the ECOWAS Bank for Investment and Development (EBID), Dr George Agyekum Donkor, signed a loan agreement granting a line of credit in the amount of EUR 20 million to the Bank of Commerce and Industry of Guinea (BCI Guinée).

This loan facility will be used to finance small and medium-sized enterprises and industries (SMEs and SMIs) in the Republic of Guinea to contribute to the development of entrepreneurship and the promotion of SMEs/SMIs, particularly in the agricultural value chain and related sectors of activity, with at least 15% of the financing being earmarked for businesses run or led by women.

In his speech, Dr Donkor emphasised that SMEs and SMIs are the backbone of the regional economy and play a key role in meeting market needs while creating jobs, making it crucial to support their activities. He also highlighted the importance of developing a more robust agricultural sector, to tackle the issue of food security which continues to plague the sub-region while building a regional value chain to stimulate economic growth.

In response, BCI Guinée, represented by its Director General and Board Director, Mr. Sidy Mohamed Cherif, pledged to deploy the resources efficiently to ensure wealth creation for the benefit of the people of Guinea.

With this investment, EBID has invested a total of USD 222.8 Million in both the public and private sectors of the Republic of Guinea. In the sub-region, the Bank's commitment stands at about USD 4.2 billion and is poised to grow as EBID continues to finance projects in key sectors to fast-track socio-economic development, in line with the Bank's mandate.