The ECOWAS Bank for Investment and Development (EBID) has granted a 50 million US dollar facility to 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, Mr. 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 is in alignment 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 the government’s development initiatives.
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As of date, EBID has invested over two billion, eight hundred thousand united stated dollars (USD 2.8 billion) to promote the development of various sectors in the ECOWAS community in the areas of health, agriculture, energy, hospitality, trade, telecommunications, manufacturing, infrastructure among others.
CBG, with a balance sheet size of GHC10billion and 114 branches across the 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 to be financed comply with the provisions of the national and international institutional framework on sustainable development and environmental protection.