EBID Extends FCFA10billion Line of Credit to Banque de Développement de Mali (BDM)

29/12/2017

On the 22nd of December 2017, EBID signed a line of credit agreement in the amount of 10 billion francs (FCFA10bn) with la Banque de Développement du Mali (BDM) at the headquarters of the Bank in Lome.

The purpose of the line of credit is to further enhance the capacity of the BDM to give direct loans to small and medium scale industries and enterprises (SMIs and PMEs) in the country in particular, those involved in food processing (agro-business) and transport for which 69.55% and 30.45% of the line of credit will be allocated, respectively.

In his remarks during the loan signing ceremony, the President of EBID, Mr. Bashir Mamman IFO, pointed out that the EBID support to the BDM will create employment for young people. Overall, five hundred and ten (510) permanent and daily jobs are expected to be generated through the SMI and PME projects envisaged. Four hundred and forty-five (445) of the jobs are projected to result from agro-business.

Fielding questions from journalists, the Deputy Managing Director of the BDM, Mr. Mamadou KONDO who represented his bank, indicated that the EBID line of credit would enable their bank provide the stable and long term financial services required by SMIs and PMEs including other startups in the productive sector in Mali, especially as commercial banks are not meeting such needs.

Apart from the line of credit extended to the BDM for on-lending to SMIs and PMEs, the intervention of EBID in Mali cuts across several areas of investment and development such as telecommunication, rural development, infrastructure, energy. Some of the projects representing these commitments include the construction of the Sikasso – Bougouni-Sanakoroba-Bamako 225KV double circuit link ($51 200 100); the partial financing of the electricity interconnectivity project ($27 234 321) linking Mali and Cote d’Ivoire; the partial financing of the rehabilitation of the Bandiara-Bankass-Koro Burkina border road ($5 547 971).

Other commitments of EBID in Mali include the partial financing of the refinancing of medium term loans in favour of Banque Malienne de Solidarite ((BMS) ($3 789 199) the creation of flour mill in Banakoro – Bamako, ($2 844 960); partial financing of the livestock project ($2 341 151); project in the Liptato-Gourma region; partial financing of the procurement and operation of the 3rd global telecommunication license project ($14 000 897) by Alpha Telecommunications SA (ATEL Mali).