Five (5) member states of the ECOWAS Bank for Investment and Development (EBID) will receive funding of USD 250 million for various projects.
The funding comes after the board of EBID approved the facility which is intended to boost the oil & gas, energy, road infrastructure, and agricultural sectors of West Africa.
A statement by the Communication and External Relations Units of EBID listed the beneficiary countries as Burkina Faso, Ghana, Nigeria, Senegal, and Sierra Leone.
Below is the full statement:
FOR IMMEDIATE RELEASE
THE BOARD OF DIRECTORS OF THE ECOWAS BANK FOR INVESTMENT AND DEVELOPMENT (EBID) APPROVES USD 250 MILLION FOR FIVE (5) MEMBER STATES
Lome, 12 October 2022
The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved a total of USD 250 million for five (5) Member States to boost the oil & gas, energy, road infrastructure and agricultural sectors of West Africa. The beneficiary countries are Burkina Faso, Ghana, Nigeria, Senegal, and Sierra Leone.
The approvals are part of the intensified efforts by EBID to invest in key sectors to spur up post-COVID pandemic recovery and mitigate the impact of the Russian – Ukraine war on the Member States of ECOWAS.
This was disclosed by the President and Chairman of the Board of Directors of EBID, Dr George Agyekum Donkor at the just-ended 79th session of the Board of Directors of the Bank.
In his opening statement, Dr Donkor observed that the impact of the COVID pandemic and the ongoing Russian – Ukraine war has left many economies in tatters. He indicated that the current market conditions have compelled investors to seek premiums on investments in sub-Saharan Africa thereby increasing the cost of capital.
According to the President of EBID, this has resulted in dampening economic growth, the wide-spread balance of payments deficits, unfavourable terms of trade, depletion of central bank international reserves, fiscal deficits, and debt distress. Therefore, Dr Donkor stressed the need for EBID, as the financial arm of ECOWAS, to deepen its financial intermediation in all the critical sectors of the Member States to assist them to recover from the economic challenges.
Present at the session was the Vice-President of the ECOWAS Commission, Her Excellency Damtien L. Tchintchibidja, who lauded the tremendous impact of EBID’s interventions in the sub-region and assured the Bank of the commitment of the new administration of the ECOWAS Commission to collaborate and support EBID in its multifarious activities especially in the area of resource mobilization to transform the ECOWAS Communities.
EXTERNAL RELATIONS UNITS