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Loan facility
March 29 , 2018
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- The Export-Import Bank (Exim Bank) said it will provide a USD 500 million credit facility to ECOWAS Bank for Investment and Development (EBID) to fund various development projects in the western-south Africa.
- With the signing of this line of credit (LoC) agreement, Exim Bank till date has extended four LoCs to EBID, with the support of the government, taking the total value of LOCs to $1,000 million.
Economic Community of West African States (ECOWAS)
- The ECOWAS is regional group of 15 West African countries. It was founded in May 1975, with the signing of the Treaty of Lagos.
- Its mandate is to promote economic integration in all fields of activity of the constituting countries.
- Its 15-member countries are Benin, Cape Verde, Burkina Faso, Gambia, Cote d’Ivoire, Ghana, Guinea Bissau, Guinea, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
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