EBID Grants $50m facility to Consolidated Bank Ghana Limited

EBID Grants $50m facility to Consolidated Bank Ghana Limited

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The ECOWAS Bank for Investment and Development (EBID) has granted $50 millionto the Consolidated Bank Ghana Limited (CBG) to support Ghana’s road infrastructure development.

The President and Chairman of the Board of Directors of EBID, Dr George Agyekum Donkor, and the Managing Director of CBG, Daniel Wilson Addo, signed this historic deal at the Head Office of CBG in Accra, Ghana. 

The granting of this line of credit embodies EBID’s development commitments in the ECOWAS member states to address the huge infrastructure deficit within the sub-region.

This aligns with Ghana’s developmental agenda to boost socio-economic growth with the improvement of road infrastructure as a key driver.

Consequently, this line of credit to CBG will provide an impetus to bolster government’s development initiatives. 

As of date, EBID has invested over $2.8 billion to promote the development of various sectors in the ECOWAS community in health, agriculture, energy, hospitality, trade, telecommunications, manufacturing, and infrastructure. 

CBG, with a balance sheet size of ¢10billion and 114 branches across 13 regions of Ghana, is one of the largest banks in Ghana.

The bank has rapidly established a reputation for excellence in banking and particularly in providing lending and digital solutions to SMEs.

CBG is also actively leveraging its balance sheet and reach to facilitate governments post-COVID recovery agenda. 

The facility from EBID will be used to augment its financing scheme to private construction companies in the execution of key road projects within the country.

Throughout the six-year tenor of the facility, EBID and CBG will undertake to ensure that the road infrastructure projects are financed comply with the national and international institutional framework on sustainable development and environmental protection. 

source – myjoyonline.com

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