The seventh Ordinary Meeting of the Board of Governors of the ECOWAS Bank for Investment and Development (EBID) was held on Tuesday, 30 June 209 at Hotel Tiama, Abidjan.

In attendance at this important meeting were the Ministers for Finance of the ECOWAS member countries or their representatives, the Vice-President of the ECOWAS Commission, the EBID President and the Vice-Presidents as well as eminent personalities.

The deliberations focused on the consideration of the 2008 Activity Report and approval of the accounts for the financial year ended 31 December 2008.  Other important decisions were taken at this session, notably the appointment of Directors as well as the election of the new Chairperson of the Board of Governors in the person of Mr Charles Koffi Diby, Minister for Economic Affairs and Finance of Côte d’Ivoire.

The accounts closed for the financial year ended 31 December 2008 shows a profit result of UA 40.7 million equivalent to CFA F 29.5 billion.  This shows the sound financial health of the Bank, stemming on the one hand from the high increase in the level of loans commitments of the Bank and, the continuation of the policy of costs control by Management, despite of the global context marked by the economic meltdown engendered by the international financial crisis.

In this regard, the EBID President pointed out that with the trend observed, it is believed that the results at the end of the 2009 financial year would equally be positive.

The operational activities were sustained during the period under review.  The Board of Directors of the Bank approved the financing of eighteen (18) projects in a total amount of UA 117.5 million, or about CFA F 85 billion.  These commitments have raised the total commitments of the Bank to UA 384.7 million or about CFA F 296.2 billion since the Bank started its activities on 1st January 2004, in respect of seventy six (76) projects.

In specific terms, 63.26% of financial commitments granted have been allocated to the social sectors, 13.36% to industries and 12.93% to services.  It would be recalled that at its 25th session held on 26 June 2009, the Board of Directors of EBID approved the financing of projects in the sub-region in the amount of CFA F 32 billion, among them, the Construction and Operation of the Riviera-Marcory Toll Bridge project, in Cote d’Ivoire, in the amount of CFA F 8 billion.

According to Mr Charles Koffi Diby, “EBID plays a crucial role in our sub-region, in accordance with the expectations that informed its establishment.  Since it was established five years ago, EBID has financed important projects for the member States.  Through these financing, it has become a precious tool for the integration and the development of our sub-region.”

At the end of its deliberations, the Board of Governors expressed its profound gratitude to His Excellency Laurent GBAGBO, President of the Republic of Côte d’Ivoire as well as to the Government and the Ivorian people for their warm hospitality and the excellent facilities extended to it for the smooth conduct of its meeting.