EBID Signs FCFA4 860bn Loan Agreement with SIMAT, Côte d’Ivoire

Left: The Managing Director of SIMAT, Mr. Stéphane EHOLIE. Right: The President of EBID, Mr. Bashir IFO

On the 31st of October 2017, EBID signed a loan agreement in the amount of four billion eight hundred and sixty million francs (FCFA 4 860 000 000) with the Sociéte Ivoirienne de Manutention et de Transit (SIMAT) Côte d’Ivoire.

The loan is for the enhancement and modernization of SIMAT’s stevedoring facilities and transit services. The project is within the larger framework of improving the efficiency of ports and airport infrastructure of the country which is still the transit point for more than ninety percent ((90%) of external trade, and therefore impacts positively on the economy of other ECOWAS Members States especially, Burkina Faso, Mali and Niger.

According to the President of EBID, Mr. Bashir Mamman IFO, the SIMAT project is both strategic and integrating, and also expected to boost the transport chain in ECOWAS. The President further said that, the agreement with SIMAT has increased the commitment of EBID to about one hundred and twenty-six billion four hundred and thirty million francs CFA (FCFA126 430bn), in Côte d’Ivoire of which sixty-two percent (62%) has been in favor of the private sector.

In his remarks, the Managing Director of SIMAT S.A., Mr. Stephane EHOLIE, informed the gathering that the assistance from EBID would enable SIMAT procure the most modern stevedoring equipment adding that, the Bank would be proud of the project which was in line with the Ivorian Government’s plan to transform the country into an emergent economy. Mr. Stephane EHOLIE also said that the new generation of Africans was taking its destiny into its hands through investments in vital sectors which included the enhancement and modernization of stevedoring facilities and transit services.

Most of the interventions of EBID in Côte d’Ivoire have been for the financing of infrastructure, energy, telecommunications and rural development projects. The Bank EBID has also participated in the financing of the construction of the third HKB toll bridge; the Biotechnologie de l’Information et de la Communication (ZBTIC) at Grand Bassam; construction and operation of a five star hotel complex under ‘’Radisson Blu’’ brand in Abidjan. EBID has also offered partial guarantees for debenture loans relating to companies such as PAA, SOTRA, SIFCA, PALMCI, SMB.