Business and Economy

WEMA Bank secures $50 million credit line from EBID for SMEs in Agricultures

A USD 50 million line of credit has been agreed between the ECOWAS Bank for Investment and Development (EBID) and WEMA Bank Plc, Nigeria, to promote small and medium-sized enterprises (SMEs) in the Federal Republic of Nigeria’s agro-business sector. In the Togolese Republic’s Lomé, the Bank’s headquarters hosted the signing ceremony.

Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, stated in his speech that the partnership with Wema Bank Plc was in line with the Sustainable Development Goals (SDGs) of the UN, specifically Goals 2 and 5, which deal with gender equality and food security, respectively.

First, Dr. Donkor expressed his happiness that certain funds had been set aside to assist female-led businesses, which play a significant role in the economy. In his conclusion, he emphasized the importance of keeping on supplying agricultural sector players with the tools they need to improve their output, contribute value to the local supply chain, and boost trade returns for socioeconomic development.

The CEO of WEMA Bank Plc, Mr. Moruf Oseni, responded by saying that the strategic relationship was fueled by the two institutions’ alignment of shared developmental objectives.

Mr. Oseni gave his word that the goal of WEMA Bank Plc is to lessen poverty by fostering the growth of sustainable enterprises, particularly SMEs, which form the backbone of the Nigerian economy. He expressed the hope that EBID and WEMA Bank would have a long and fruitful relationship, with the facility serving as only the start.

With this facility, EBID has committed a total of roughly USD 361.4 million to commercial and public sector projects in the Federal Republic of Nigeria. This aligns with the organization’s strategy of partnering with local banks to reach small and medium-sized enterprises (SMEs) throughout the sub-region.

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