A British firm, Arcode-Europe Ltd, will take up 15 percent of the shares of the West African Investment and Development Bank (BIDC) after the two parties signed a 300 million euro (374 million U.S. dollars) financing agreement, a source from the bank's headquarters in Lome said on Tuesday.

The documents were signed last Wednesday at the BIDC headquarters by Arcode-Europe president Patrick Meyer and the bank's president Bashir Ifo.

The approval for Arcode-Europe to own shares in the sub- regional financial institution was made in April this year.

This is the first time that BIDC, the bank charged with funding public and private projects within the Economic Community of West African States (ECOWAS), has opened up to non-regional capital ownership.

BIDC is in advanced talks with other non-regional partners who may take up the remaining 15 percent of the bank's 30 percent shareholding reserved for non-regional players.

Arcode-Europe Ltd which is based in London, funds projects in areas such as education, energy, infrastructure, transport, agriculture and industrial development.

BIDC is the financial branch of ECOWAS which brings together 15 countries that include Benin, Burkina Faso, Cote d'Ivoire, Cape Verde, Guinea Bissau, Guinea Conakry, Gambia, Mali, Niger, Nigeria, Ghana, Liberia, Sierra Leone, Senegal and Togo. Endi

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