The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) held its 55th ordinary meeting on 25th October 2017, at the Headquarters of the Bank in Lome, Togolese Republic.
The meeting approved financing for four (4) projects namely, partial funding of the implementation of the twenty-seven (27) new drinking water systems in the impact area of the Integrated Development Programme of the Samendeni Valley in Burkina Faso, a public sector project, in the amount of nine million four hundred thousand US dollars ($9 400 000).
Another public sector project for which financing was approved was the partial funding of the 225KV Guinea-Mali (Phase 1) electrical interconnection project in the Republic of Guinea.
Furthermore, two (2) private sector projects were approved for financing by the Board that is, a line of credit to the Banque de Développement du Mali (BDM) SA, in the amount of ten billion francs (FCFA10bn), for the promotion of small and medium scale enterprises and industries (SMEs/SMIs) especially those in the agro-allied processing industry to which approximately sixty-nine and a half percent (69.5%) of the line of credit is targeted. Whilst the remaining portion of line of credit is for strengthening the transport sector specifically, support to tanker trucks sub sector, for the importing oil/gasoline.
The second private sector project for which financing was approved was the partial financing of the project for the rehabilitation and extension of the electricity network in the North-Western periphery of Lome, by the Compagnie d’Energy Electrique du Togo (CEET), in the amount of four billion four hundred and fifty-two million two hundred and fifty thousand francs (FCFA4 452 250 000).
Fielding questions from journalists within the margins of the EBID Board of Directors meeting, the President, Mr. Bashir Mamman IFO, stated that the prospects of the Bank were bright as indicated by the scope of the projects its continues to finance in the public and private sectors in West Africa.
The operational activities of the Bank focus on attaining the objectives of the Community through the financing of sustainable projects capable of fostering inclusion in Member States and regional integration through infrastructure development, investments, services, trade or any other project platforms through the Bank’s public or private sector funding window.
Some of the Bank’s achievements include that of founding Shareholder in Ecobank Transnational Inc (ETI), initiator of the African Biofuels and Renewable Energy Fund (ABREF) now ABREC, founding shareholder in ASKY Airlines and decades of experience in project financing a wide range of projects in ECOWAS Member States.