Feature
The 28th session of the Board of Directors of ECOWAS Bank for Investment and Development (EBID) was held today 26 March 2010 at the headquarters of the Bank.
The dossiers adopted during the meeting included accounts for the year ended 31 December 2009, the 2010-2014 strategic plan, financing of five projects and reports of the standing committees of the Board of Directors mandated to ensure that administrative and financial methods in EBID comply with international standards.
New commitments approved by the Board of Directors amount to UA36.75 million equivalent to USD55.70 million dollars. The commitments are distributed between the public and private sectors in the ratio of 19.43% and 80.57% respectively for five projects in the hotel industry, agro-industry, infrastructure and financial services, to be implemented in Ghana, Côte d’Ivoire, Liberia and Benin.
Furthermore, the Board of Directors adopted the 2009 activity report which presented an overview of the Bank’s activities during the period under review. With regard to the implementation of on going reforms, the Staff rules and Regulations were revised in line with trends in labour laws. Furthermore, measures were taken in respect of capacity building within the institution.
With respect to operational activities nineteen (19) loans in the amount of UA138.32 millions equivalent to USD216.85 million were granted to States and ventures in the Community. As a result of these interventions the Bank’s cumulative commitments as at 31 December 2009 was UA519.14 million representing USD813.86 million for ninety-two (92) projects.
Provisional accounts for the year ended 31 December 2009 post a profit of UA1 336 000 UC
Provisional accounts for the year ended 31 December 2009 show a profit in the amount of UA1 336 000 equivalent to USD2 094 434 which indicates the third consecutive year of positive results since 2007. The trend of positive results obtained despite an unfavourable macro-economic context was the outcome of prudent administrative and financial management of the Bank and enhanced intervention in Member States by virtue of the Bank’s strategic role in facilitating growth and development in the West African sub region.
Lome, 26th March 2010Press contact: Sibi LAWSON AGBEKPONOU
Coordinator of Communication and Marketing Unit – EBID
Tel: 00228 221 68 64 – Email: sagbekponou@bidc-ebid.org