Background

The Economic Community of West African States (ECOWAS) was created on 28 May 1975 in to promote co-operation and integration of West African countries 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 The Economic Community of West African States (ECOWAS) also instituted the ECOWAS Fund for Co­operation, Compensation and Development (ECOWAS Fund) as the Community’s financial institution. It became operations in 1979.

The twenty-second session of the Authority of Heads of State and Government held on 9 and 10 December 1999 decided to transform the ECOWAS Fund into a regional holding company  namely, The ECOWAS Bank for Investment and Development (EBID) with two specialised subsidiaries that is, the ECOWAS Regional Development Fund (ERDF) and ECOWAS Regional Investment Bank (ERIB), in order to enhance the financial resources of the institution through the opening of its capital to non-regional partners, The EBID Group became operational in 2003.

On 14 June 2006 the Authority of Heads of States and Government, decided to reorganize the Bank into a single unified entity in order to streamline overhead costs.

The main purpose of the successive institutional and strategic reforms was to enable EBID achieve its objectives and accomplish effectively, the mission assigned by the ECOWAS authorities.