EBID Board Approves USD 131.4 million Financing for six (6) Projects in five (5) ECOWAS Member States
The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved a total of 131.4 million USD for the financing of six (6) projects in five (5) ECOWAS member states. The projects were approved at the 71st Ordinary Session of the Board held on December 17, 2020 via “Zoom” video conference and coordinated from the Bank’s headquarters in Lomé, Togo.
The projects, which are evenly distributed in the private and public sectors, are aimed at bringing transformation to key sectors of the subregion namely, energy, transport, education, road infrastructure and SMEs.
Two of the approved projects, one in the private sector and the other in the public sector, are situated in Senegal. The private sector project, amounting to 19.0 million USD, is for the construction of modern university residences in Dakar, Diamniadio, Thies and Kolda, to improve study and accommodation conditions for students in the four locations. The public sector project, amounting to 15.3 million USD, is for the construction of a connecting bridge between the Regional Train Express Station and Blaise Diagne International Airport.
Similarly, Republic of Côte d’Ivoire is the beneficiary of a 36.7 million USD financing to upgrade the Kanawolo-Korhogo road. This road project is intended to improve commercial activities and intra-regional trade among neighbouring countries namely, Mali and Burkina Faso. Two energy sector projects namely, the rehabilitation of the SELINGUE and SOTUBA hydroelectric plants in Mali amounting to 11.7 million USD, and the funding of a rural electrification project in Sierra Leone worth 36.5 million USD were also approved for financing.
The Board further approved a line of credit worth 12.2 million USD to Vista Bank, Guinea to provide access to long-term resources for SMEs, which will contribute to the rate of industrialisation the in the country.
