Feature
The Economic Community of West African States (ECOWAS) which was created on 28 May 1975 in order to promote co-operation and integration of West African countries currently comprises fifteen (15) Member States, namely Benin, Burkina Faso, Cabo Verde, Côte d'Ivoire, The Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
The Treaty establishing ECOWAS also instituted the ECOWAS Fund for Cooperation, Compensation and Development (ECOWAS Fund) as a financial instrument of the Community. It became operational in 1979.
In order to enhance the financial resources of the Fund through the opening of its capital to non-regional partners, the Authority of Heads of State and Government at its twenty-second session held on 9 and 10 December 1999 decided to transform ECOWAS Fund into a regional holding company called ECOWAS Bank for Investment and Development (EBID) with two specialised subsidiaries, ECOWAS Regional Development Fund (ERDF) and ECOWAS Regional Investment Bank (ERIB). The EBID Group became operational in 2003.
In order to ensure that the EBID Group's activities are carried out under a unified command structure so as to streamline overhead costs, the Authority of Heads of State and Government, decided to reorganize the Bank back into a single structure on 14 June 2006.
The fundamental aim of these successive institutional and strategic reforms is to enable EBID achieve its objectives and properly accomplish the mission assigned by the ECOWAS authorities.
EBID is an international finance institution established by the new Article 21 of the Revised Treaty as amended by the Additional Act A/SA.9/01/07 of 19 January 2007. It has two windows, one for the promotion of the private sector and the other for the development of the public sector.
Its main objective is to contribute towards the economic development of West Africa through the financing of ECOWAS and NEPAD (New Partnership for Africa 's Development) projects and programmes, notable among which are programmes relating to transport, energy, telecommunications, industry, poverty alleviation, the environment and natural resources.
EBID's vision is to become the leading regional investment and development finance bank in West Africa, a powerful financial institution for private sector promotion and financing in the region and an effective instrument for poverty alleviation, wealth creation and job promotion for the well-being of the people of the region.
MISSIONEBID's mission is to contribute towards the creation of the conditions which would enhance the emergence of an economically strong, industrialised, and prosperous West Africa that is perfectly integrated both internally and in the global economic system in order to benefit from the opportunities offered by globalisation.
The corporate object of the EBID is to:
• grant loans and guarantees for financing investment projects and programmes for the economic and social development of Member States;
• mobilize resources within and outside the Community for the financing of its investment projects and programmes;
• provide the technical assistance necessary within the Community for the study, preparation, financing and execution of development projects and programmes;
• receive and manage the portion of the Community Levy resources me a nt for the financing of Community development activities;
• manage any Community special funds relevant to its corporate object;
• carry out any commercial, industrial or agricultural activity, in as much as such an activity is secondary to its object or necessary for the recovery of its debts.
Within the scope of its corporate object, the Bank cooperates with national and sub-regional development organisations operating within the Community. In the same vein, it cooperates with other international organisations with similar aims and other institutions involved in the development of the Community.
The initial authorised capital of the EBID is six hundred and three million Units of Account (UA 603 000,000)1 or roughly seven hundred and fifty million US dollars US$ 750,000,000). Regional members control 67% of the capital and 33% is offered for subscription by non-regional members.
EBID decision-making bodies:
• The Board of Governors;
• The Board of Directors;
• The President;
The Board of Governors is the highest decision-making body and has oversight functions over the Bank's management and administration.
The Board of Directors is responsible for general operations of the Bank.
The President is responsible for the day to day management of EBID and his powers are defined in the Articles assisted by two Vice-Presidents.