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EBID invests €10m in Vista Bank Guinea

Africa Global Funds
March 10, 2021, 10:23 p.m.
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ECOWAS Bank for Investment and Development (EBID) has granted a €10m line of credit to Vista Bank Guinea to increase its capacity, support and medium-term funding for small and medium-sized enterprises (SMEs) and small and medium-sized industries (SMIs) in the Republic of Guinea.  

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ECOWAS Bank for Investment and Development (EBID) has granted a €10m line of credit to Vista Bank Guinea to increase its capacity, support and medium-term funding for small and medium-sized enterprises (SMEs) and small and medium-sized industries (SMIs) in the Republic of Guinea.  

The line of credit is part of EBID’s commitment to support the government of Guinea’s implementation of its 2020-2025 Development Plan to develop the private sector and transform the economy.

The agreement for the line of credit facility was signed by Dr George Agyekum Donkor, President and Chairman of the Board of Directors of EBID and Mrs Yassin Bayo.  

Vista Bank Guinea, part of the Vista Group owned by Lilium Holdings, is supporting customers’ financial recovery from the Covid-19 pandemic and providing a full range of accessible banking facilities to everyone, especially women and SMEs who have long been impeded by a lack of access to finance.

It intends to be the premier source of mesofinance, trade and supply chain finance for SMEs, and is driving financial inclusion, economic growth and national prosperity, in its mission to become the bank of choice.

Vista Bank Guinea is focusing on the deployment of its growth strategy to diversify its portfolio towards Guinean SMEs and SMIs, through which it is serving over 2,000 corporate clients, 80% of which are SMEs.

It grants loans for the development of the Guinean private sector, offers financial advisory services and finances expansion, diversification, modernisation and rehabilitation projects. 

Vista Group also operates in Sierra Leone and The Gambia.

In October 2020, Vista Group announced that, subject to regulatory approval, it had agreed with BNP Paribas to acquire BNP Paribas’ assets, La Banque Internationale pour le Commerce et l’Industrie de la Guinée (BICIGUI) in Guinea and Banque Internationale pour le Commerce l’Industrie et l’Agriculture du Burkina (BICIAB) in Burkina Faso.  

Yassin Bayo, Managing Director of Vista Bank Guinea, said: “Vista is determined to be a force for good in driving Guinea’s economic development and prosperity and our growth plans are geared towards this objective. The credit facility from EBID will enable us to increase our provision of finance to Guinean SMEs and SMIs, which will strengthen their capacity, increase their participation in value chains, and promote Guinea’s industrialisation.” 

 

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