EBID Commits XOF 298 bn into Cote d’Ivoire Economy
The ECOWAS Bank for Investment and Development (EBID) has increased its commitments to the economy of the Republic of Côte D’Ivoire to a total of FCFA 298.7 billion (equivalent of about USD 464 million) to finance projects in various areas such as infrastructure, health, industry, and agriculture. This was disclosed by the President and Chairman of the Board of Directors of EBID, Dr. George Agyekum Donkor, at a signing ceremony held on Tuesday, 13th September 2022, at the headquarters of the Bank in Lomé, Togolese Republic. The Bank committed an amount of Four Billion Seven Hundred million francs (FCFA 4.7bn) for the partial financing of the construction of a Coltan processing plant by BRI Coltan at Issia, Republic of Cote d’Ivoire. The ceremony was attended by the Managing Director of BRI Coltan SA, Mr. Youval COHEN.
The President of EBID opined that such projects are in line with the Government of Cote d’Ivoire’s efforts to improve the quality of exports by adding value and deriving higher returns. Mr. Cohen expressed appreciation to EBID for its willingness to assist BRI COLTAN in this venture and stated that the project was part of a larger aim of positioning Cote d’Ivoire as a key player in the international minerals market.
The President of EBID affirmed the Bank’s commitment to promoting industrialisation and innovation in line with its 2021-2025 strategic plan while calling for continued support to private sector initiatives to alleviate poverty in the sub-region.