68th Meeting of EBID Board of Directors Authorizes US$ 32m and €9 223 123m for Projects in Sierra Leone and Cote d’Ivoire
The 68th meeting of the ECOWAS Bank for Investment and Development (EBID) was held on Thursday, July 2, 2020. It was Bank’s second regional teleconference zoom meeting, coordinated from the headquarters in Lomé, Togolese Republic.
Two public sector projects were approved for financing in Sierra Leone and Cote d’Ivoire, respectively. With regard to Sierra Leone, the amount of thirty-two million United States dollars (US$32m) was approved for the construction of a University of Science and Technology in Koidu town, Kono District. The project aims to address a key development objective stipulated in the 2018-2020 Education Sector Plan and contribute to attaining the country’s vision of becoming a science and technology-driven nation. The project is expected to contribute to the country’s growth plan, by developing educational infrastructure to support poverty reduction, economic growth, modern learning and environmental rehabilitation strategies.
Overall, the proposed university system is expected to increase the opportunity for tertiary education and decrease out of school scenarios in view of the projected yearly admission of two hundred (200) students. Furthermore, the project is in line with EBID’s policy of contributing to the development of educational and health infrastructure capable of improving the standard of living of the people in West Africa. The project also has a linkage with the Bank’s 2016-2020 strategic plan in terms of mobilizing institutional support for development projects.
The second public sector project approved for part funding by the 68th meeting of the Board was the revitalization of small and medium Enterprises in Cote d’Ivoire. EBID, in the amount of nine million two hundred and twenty-three thousand one hundred and twenty-three million Euros, (€9 223 123).
