The Representative of the Chairperson of the Board of Governors of EBID,
Members of the Board of Governors,
Members of the Board of Directors,
The President of EBID,
Distinguished Guests,
Ladies and Gentlemen,

It is a great honour for me to take the floor this morning on the occasion of the 7th Ordinary Meeting of the Board of Governors of the ECOWAS Bank for Investment and Development (EBID).

On behalf of the President, the Prime Minister and the entire Government of Côte d’Ivoire, I avail myself of this opportunity to extend a warm welcome to all our guests that have come from the countries of the sub-region.

Your presence at this meeting is a proof of the interests of the ECOWAS member States to the activities of this prestigious Institution.

I am equally delighted to express my appreciation to all the decision-making organs of EBID who have deemed it fit to hold the meetings of the Board of Governors and of the Board of Directors in Côte d’Ivoire.

Distinguished Guests,
Ladies and Gentlemen,

The current meeting is taking place within a global context marked by the economic meltdown engendered by the international financial crisis.   On this issue, all experts have agreed that this crisis will have a significant impact on the African economies.

Since our States depend mainly on exports, given the low growth of the financial markets and the drop in foreign aid, our countries may suffer negative impact due to the drop in commodity prices, reduction in public aid for development, decline in capital inflow and tightening of conditions for access to credit.

In this regard, African countries in general, and more specifically, those of the West African region must more than ever strive to enhance internal financing instruments and mechanisms which they have put in place.   Thus, rightfully, the ECOWAS Bank for Investment and Development which is involved in the financing of basic infrastructure and equipment, rural development and social sectors, industry as well as services has come to stay in our sub-regional financial system as a credible alternative whose achievements must be consolidated.

Furthermore, the decision-making organs of this emerging Institution have understood the need to adopt a proactive approach that would cushion external shocks and provide a solution to the issues of developmental projects financing.

Drawing from the achievements of the ECOWAS Commission and by opting for a productive partnership with international development Institutions, EBID has been able to meet the expectations of member Countries, by supporting the sub-regional financial system and stimulating growth, through a rising volume of its investments.

Established five years ago, it has approved and financed several projects for the ECOWAS member States, thereby becoming a precious tool for integration and the development of our sub-region.

At the end of 2008, EBID’s commitments stood at UA 384.7 million, or about CFA F 296.2 for 76 projects, which include 60 loans, 9 equity participation and 7 loan guarantee operations.

In specific terms, 65% of the loans were allocated to the financing of infrastructure, 14.3% to the social sectors, 13.5% to industries and 7% to services.

As a Member country, Côte d’Ivoire has already benefited from several EBID financing.  The last meeting of the Board of Directors of EBID held on 26 June in Abidjan has just approved the partial financing of the construction and the operation of the Riviera-Marcory Toll Bridge in the amount of CFA F 8 billion.

On the whole, through the financing of projects in the member countries, EBID has been able to record surplus results in the last two financial years, this, in an unfavourable international environment.

At a time when the seventh Ordinary Meeting of the Board of Governors is taking place, I avail myself of the opportunity to convey the congratulations of the Government and people of Cote d’Ivoire to the Management of EBID for the important results they have achieved.

Distinguished Guests,
Members of the Board of Governors,

As you would have noted, EBID is playing a crucial role in our sub-region, in accordance with the expectations that informed its establishment.

This meeting of the highest decision-making Organ of this Institution is therefore a crucial one, in the light of the leading role which the Bank plays and the items on the agenda.

I have no doubt that the quality of the representation and, the commitment which the member states have always shown is a proof that our deliberations would lead to conclusions that would enable EBID to make further commitments to the sub-region.

It is on this note that I wish to round up my remarks while wishing you fruitful deliberations. 

Thanks for your attention.