22 December 2020 – Lagos, Nigeria and Lomé, Togo
PUTTRU Technologies Limited and ECOWAS Bank for Investment and Development Sign Partnership Deal to Promote Growth and Development of Energy Sector Projects in West Africa
On 24 November 2020, the ECOWAS Bank for Investment and Development (EBID) and PUTTRU Technologies Limited signed a memorandum of understanding (MoU) to jointly implement the “Closing the Investment Gap in West Africa’s Energy Sector” project. Under this MoU, EBID and PUTTRU Technologies Limited will cooperate and collaborateto increase private sector financing towards accelerating the development of energy sector projects in West Africa. The President and Chairman of the Board of Directors of EBID, Dr George Agyekum Donkor signed on behalf of the Bank, while the Chief executive Officer, Monica Ola Chidia Maduekwe, signed for PUTTRU Technologies Limited.
The regional project is aimed at creating an investor-friendly environment in which private investors can safely invest and, generally, play a bigger role in addressing the energy challenges in the region. The project will further facilitate the implementation of sophisticated risk mitigation strategies, which are tailored to drive down the high financing costs associated with investing in energy projects in West Africa. The initiative will result in an increase in bankable energy projects for private sector and Public Private Partnership (PPP) financing.
Within the scope of the MoU, PUTTRU Technologies Limited and EBID will coordinate and pool their resources to reinforce the growth of bankable energy sector projects in the region by supporting the pipeline of ready-to-invest projects that will be created through the PUTTRU Digital Platform.
The platform is designed to allow the different stakeholders in the energy investment ecosystem to create their unique profiles, enabling owners or sponsors of energy companies, financiers, and transaction advisors to seamlessly connect, interact, negotiate, and close deals. For financiers, the platform provides a one-of-a-kind virtual deal room to seek out and secure syndication opportunities with both local and global financiers.
EBID, as a strategic partner in the regional energy project, will bring on board the Bank’s extensive experience in financing projects, facilitating syndications. EBID will provide financing for the energy projects created on the digital platforms, which align with their funding requirements, in addition to advisory support that would enable PUTTRU Technologies Limited achieve their objectives set out in the MoU.
ABOUT PUTTRU Technologies Limited
PUTTRU Technologies Limited is a business facilitation online platform that connects African energy companies to financiers from all over the world. We disrupt the traditional capital raising and investment process by cutting through the challenges of bringing investable businesses and serious financiers together.
The ECOWAS Bank for Investment and Development (EBID) is a leading regional investment and development bank, based in Lomé, Togolese Republic. Over the past 4 decades, EBID has invested approximately 2.8 billion USD in inter- and intra-regional development programs covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, social sectors, and services. EBID intervenes through long-, medium-, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations and services.
|For PUTTRU Technologies Limited||For ECOWAS Bank for Investment and Development|
|Communication and External Relations Unit|
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