The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) held its 56th ordinary meeting on 21st December 2017, at the Headquarters of the Bank in Lome, Togolese Republic.
The meeting which was the last for the year approved financing in the amount of five million seven hundred thousand dollars ($5.7m) for a flour milling private sector project in the Republic of Liberia namely, Premier Milling Corporation (PMC). The purpose of the project is to modernize and expand the existing 150 mt/day milling plant through the acquisition and installation of a new and modern 200 mt/day milling plant.
The Board also approved additional funding in the amount of five million US dollars ($5m) for a public sector project in the Republic of Benin relating to the rehabilitation of health establishments and procurement of equipment.
In another development, the Board renewed the tenure of the Vice-President in charge of Operations, Mr. Abdoulaye FALL, for a second and final term of four (4) years. Mr. FALL (Senegalese) was appointed in 2014.
The Bank was set up at the same time as the ECOWAS Commission on May 1975, to fund development projects and programmes capable of fostering socio-economic development within Member States, and integration among States within the framework of regional integration.
EBID has two funding windows for public and private sector operations respectively, and emerged from the transformation of the erstwhile Fund for Cooperation, Compensation and Development of the Economic Community of West African States (ECOWAS Fund).