ECOWAS Bank commits XOF 294bn into Cote d’ivoire

Dr. George Agyekum Donkor, President-EBID (left); and Adama Coulibaly, Minister for Economy and Finance, during the signing ceremony

The ECOWAS Bank for Investment and Development (EBID) has so far committed a total of XOF 294 billion (equivalent of about US$450million) into the Republic of Côte d’Ivoire’s economy to finance projects in various areas such as infrastructure, health, industry and agriculture.

The President of EBID, Dr. George Agyekum Donkor, disclosed this at a signing ceremony for two loan agreements totalling XOF 67.128 billion in Abidjan recently.

During the ceremony, the President of EBID expressed that the two loans are for financing a project to upgrade operating theatres, neonatal units and imaging services in referral hospitals, and to fund the industrial component of an agro-industrial pole project in the northern region of the country (2PAI-NORD). He also added that these facilities reaffirm EBID’s commitment to support the Republic of Cote d’Ivoire in the implementation of its National Development Plan 2021-2025.

The President of EBID conveyed his heartfelt gratitude to President of the Republic, His Excellency Alassane Ouattara and his government for their cooperation and continuous support toward the realisation of EBID’s strategic goals intended to foster advancement for ECOWAS states.

Quoting relevant macroeconomic figures, he commended the government of Cote d’Ivoire for putting pragmatic policies in place to ensure prosperity for the people of Cote d’Ivoire, despite the global economic downturn triggered by COVID-19 and the Russia-Ukraine crisis.

The Minister for Economy and Finance, Honorable Adama Coulibaly who signed on behalf of the Cote d’Ivoire government, indicated that the two projects are aimed at enhancing the quality of mother-child health care services and improving food and nutritional security. He stated that the agro-industrial project will have the two-fold impact of reducing the country’s dependence on food imports while increasing exports of processed agricultural products to generate revenue. He applauded such interventions from EBID, which will accelerate and strengthen sub-regional integration for a stronger ECOWAS to the benefit of its population.

Alongside the loan-signing agreement, the EBID delegation paid a courtesy call on the Minister for Planning and Development for Cote d’Ivoire, Mrs. Niale Kaba – who is also a Governor of the Bank. At the meeting, issues relating to the operations of EBID, its recent achievements and challenges were discussed. While commending leadership for the Bank’s performance, the minister encouraged EBID to do more to help the sub-region.

ECOWAS Bank for Investment and Development (EBID) is a leading regional investment and development bank owned by the fifteen (15) ECOWAS member-states: namely Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. Based in Lomé, Togolese Republic, the Bank is committed to financing developmental projects and programmes covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors through its private and public sector windows. EBID intervenes through long-, medium- and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations and related services.

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