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Lomé, 29 July 2008 On Tuesday 29 July 2008, at its headquarters in Lomé, the ECOWAS Bank for Investment and Development (EBID) granted a loan in the amount of USD 2.97 million equivalent to CFA F 1.25 billion to PRIDE PETROLEUM, a firm based in Abidjan, and another loan in the amount of CFA F 4.5 billion or about USD 10.68 million to SPRUKFIELD UK, a firm based in Lomé. In attendance at the signing ceremonies of the two loan agreements were, Mr. Christian ADOVELANDE, EBID President, Mr Barthelemy D. DRABO, Vice President, Operations, Mr. Bashir IFO, Vice President, Finance and Corporate Services, Mr Coty Ibrahiman DIAKITE, Chief Executive Officer of PRIDE PETROLEUM, Mr. Joel DERVAIN, Managing Director of the Ivorian Refinery Company, Mr Tulsidas KANYALAL VARINDANI, Managing Director of PRUKFIELD UK, as well as senior staff of EBID and several invited guests. The loan granted PRIDE PETROLEUM is meant to partially finance to the tune of 80%, the expansion project of its distribution network of petroleum products whose main objective is to supply the Ivorian people with petroleum products. The resources to finance this loan were drawn from the line of credit granted EBID by the Industrial Development Corporation (IDC) of South Africa. In all, eight filling stations will be established, of which, three in the hinterland of country and five in Abidjan. This expansion will promote the growth of economic activities, thereby contributing to boost the socio-economic fabric of Côte d’Ivoire. It should also be pointed out that this project strengthens the presence of Africans on the petroleum products market which is traditionally dominated by big multinationals. Regarding the project for the expansion of the pharmaceutical products factory of SPRUKFIELD UK situated in the free trade zone of Togo, EBID’s participation in its financing is justified by the fact that this project is within the health sector which is one of the priority areas of the Bank’s intervention. The project is aimed at improving the health of people in Togo and in the sub-region through large scale production of quality generic drugs at affordable prices. It is obvious that this project is a successful example of promotion of direct foreign investment in ECOWAS countries, in this case, Togo. Through the financing of this project, whose factory is one of the foremost modern drug manufacturing plants in the sub-region, EBID intends to encourage technological innovation in ECOWAS. These two loans bring EBID’s commitments from 1st January till date to UA 62.96 million equivalent to CFA F 43 billion, or USD 102.42. It should be recalled that the total commitments in 2007 stood at UA 201.9 million equivalent to CFA F 137 billion, or USD 319 million. In his remarks, Mr Christian ADOVELANDE, EBID President observed that the Bank has purposed to carve a niche for itself through the quality of its services and particularly the competitiveness of its terms and conditions, as a privileged partner for operators both in the public and in the private sectors.

In his speech, Mr. Coty Ibrahiman DIAKITE, Chief Executive Officer of PRIDE PETROLEUM underscored the significant role played by EBID to provide assistance to project promoters. He stated “Through us, a message is certainly being sent to other promoters in ECOWAS, in order to inform them that EBID is present by their side to support them and provide assistance to their activities.” On his own part, Mr Tulsidas KANYALAL VARINDANI, Managing Director of SPRUKFIELD UK commended the emerging partnership between his company and EBID. He stated “This precious financial assistance is of a crucial importance for Togo and the sub-region since it will contribute to the improvement of public healthcare policies through the production and the distribution of generic drugs at reduced prices for the well-being of the people.” The financing of the project for the expansion of the filling stations network of PRIDE PERTOLEUM in Côte d’Ivoire and the expansion project of the pharmaceutical products manufacturing factory of SPRUKFIELD in TOGO are projects from the private sector and a proof of EBID’s willingness to contribute significantly to the development effort of ECOWAS member states through the promotion of the private sector since this one is the catalyst of growth and creation of employment and wealth.


				
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posted:11/15/2009
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