A loan signing ceremony took place between EBID and the Government of Burkina Faso

On December 8, 2011, a loan signing ceremony took place between EBID (ECOWAS Bank for Investment and Development) and the Government of Burkina Faso in Ouagadougou, in the Republic of Burkina Faso.

Documents related to this agreement were signed by Mr. Bashir Mamman IFO, President of EBID and Mr. Lucien Marie Nöel BEMBAMBA, Minister of Finance and Economic Planning. Also in attendance was Professor Albert OUEDRAGO, Minister of Secondary and Higher Education and the officials of EBID and the Government of Burkina Faso. 

The loan signing ceremony involving Twenty million US Dollars (about CFA F9.3 billion), relates to the partial financing of the Proposed acquisition of buses for Universities and prime training institutions in Burkina Faso. The current signing ceremony brings it to CFA F 49.9 billion, the total amount of the net cumulative commitments of the Bank in Burkina Faso.

The specific purpose of this facility is to acquire various capacities of buses (70-seater, 35-seater and 15-seater buses) for University student social services, Universities, prime institutions and training institutions, the construction of two workshops, the acquisition of maintenance equipment and spare parts.  

In sticking to the policy of its 2010-2014 strategic plan, EBID has committed itself to the Member States of the Community to support their development actions and projects for the welfare of their peoples. This loan would indeed contribute towards:

• the significant improvement of student mobility;
• the promotion of national and international study, sporting and cultural tours;
• the reduction of University dropout rate due to transport-related difficulties;
• the improvement of academic performance;
• the reduction of long hours of waiting in queues for public transport and the substantial improvement of the living environment of the people.

This partial financing, amounting to 84.7% of the total tax-excluded cost of the project (the equivalent of Twenty three million US Dollars under the economic conditions of October 2009), was extended on the line of credit granted to EBID on 9 November, 2010 by the Government of India through EXIMBANK. 

 EBID is an international financial institution created in 1999. It emerged following the transformation of the former ECOWAS Fund established in 1975 at the same time with the ECOWAS Treaty. EBID is comprised of two windows: one for the promotion of the private sector and the other for the development of the public sector. The main objective of the Bank is to contribute towards the economic development of West Africa by financing ECOWAS and NEPAD projects and programmes relating to transport, energy, telecommunications, industries, poverty reduction, environment and natural resources

Ouagadougou, 8th December 2011

For further information, please contact:
Hervé Awidè PANA,
Communication and Marketing Unit – EBID
Tel: 00228 221 68 64
Email: apana@bidc-ebid.org
www.bidc-ebid.org