The recent 61st meeting of the ECOWAS Bank for Investment and Development (EBID) board, held at its headquarters, in Lomé, Togo, saw the approval of a US$50 million partial financing for an infrastructural project, in South-eastern Liberia.
President of EBID, Bashir Mamman Ifo, highlights resource as a continuous process through which funds are raised from financial markets within the region.
Following the Bank’s initial intention to raise twenty-five billion francs (FCFA 25 billion) from the UEMOA capital market this quarter, it was authorized to issue a Eurobond in the international capital market.
EBID also raises funds on a bilateral basis from Asia especially from EXIM Bank, India alongside on-going discussions with China Development Bank.
The ECOWAS Bank for Investment and Development (EBID) is the financial arm of the Economic Community of West African States (ECOWAS), comprising fifteen (15) Member States namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Senegal, Sierra Leone and Togo.
To date, EBID has approved funding for 278 projects corresponding to 1.080 billion Units of Account (UA), equivalent to about US$2.5 billion. The authorized capital of the Bank is UA1 billion, equivalent to US$1.039 billion.