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Bank: ECOWAS Investment bank to finance eight projects in WAEMU countries

Bamako, Mali - The ECOWAS Investment and Development Bank (BIDC) is to raise 40 billion CFAF bond to finance eight projects in countries from the West African Economic and Monetary Union (WAEMU), the bank's operation director, Ousmane Bocoum, said on Wednesday.

Mali, where half of the funds raised from a bond would be invested, would benefit from three projects.

These are 7.5 billion CFAF for ATEL-SA to acquire the third telecommunications licence, 5 billion CFAF credit line for the Malian Bank of Solidarity (BMS) to finance small and medium-size companies and 7 billion CFAF to SEAS-SA to build a steelworks project in Tienfala, 45 km east of Bamako.

The other projects are setting up of a pharmaceutical factory (Amamda Pharma) for the amount of 7 billion CFAF, and 7.65 billion CFAF to Koïra Hotels Investment to build a five-star hotel, Radisson Blu, in Burkina-Faso.

In Niger, the BIDC will finance a factory that produces wheat flour and livestock feed for 1.65 billion CFAF, while Senegal will benefit from 7 billion CFAF for the phosphate mines of Matam by Amar Group Holding.

The bond issue, made in CFAF to ensure monetary safety for subscribers, is to be repaid at the interest rate of 6.5% over 7 years.

Pana 06/03/2014