EBID Commits USD3.2 bn Support to ECOWAS Member States

EBID Commits USD3.2 bn Support to ECOWAS Member States

The ECOWAS Bank for Investment and Development (EBID) has committed the sum of USD 3.2 Billion to finance various projects and initiatives across the fifteen ECOWAS Member States as at the end of Quarter one (Q1) of 2022. This amount has gone towards a total of 278 projects of which 143 are private sector and 135 are public sector, in areas such as  infrastructure development, Agriculture, Industry, and Technology.

This information was disclosed by the President of the ECOWAS Bank for Investment and Development (EBID), Dr. George Agyekum Donkor, during his courtesy visit to the newly appointed President of the ECOWAS Commission, His Excellency Dr. Omar Alieu Touray, and Vice-President Madam Damtien L. Tchintchibidja, at the headquarters of the Commission in Abuja, Federal Republic of Nigeria, on August 25th, 2022.

The President of the ECOWAS Commission recognized the recent achievements of the Bank especially under the leadership of Dr. Donkor despite all the challenges posed by COVID-19 and the general difficult economic conditions. He expressed that his paramount focus was the achievement of the strategic pillars of ECOWAS which are to reduce poverty, deepen economic integration, enhance good governance and ensure due process. He asserted that progress on these pillars would facilitate the building of an “ECOWAS of the Peoples” and called for increased collaboration between the two institutions to achieve the goals of the subregion.

In response, the President of EBID assured His Excellency Dr. Touray of the commitment to strengthen collaboration between the two Institutions and explore areas of mutual interest to facilitate the building of wealth and improve the wellbeing of the people of the sub-region. He also observed that despite the numerous economic and security challenges facing the sub-region, given the public service record and diplomatic expertise of His Excellency Dr. Touray and Madam Tchintchibidja, the sub-region has the able leadership necessary to overcome its hurdles.

The courtesy visit was followed by a working session between the ECOWAS Commission led by the Vice-President of the ECOWAS Commission and the EBID delegation, led by the President of EBID.

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